DUBAI, 20th October, 2023 (WAM) - Dubai Internet City, the region's leading technology hub and part of TECOM Group PJSC, has signed a memorandum of understanding (MoU) with the National IT Industry Promotion Agency (NIPA), backed by the Government of the Republic of Korea, to foster innovation and entrepreneurship efforts that bolster the growth of the global technology sector.
A high-level Korean delegation toured the vibrant technology district on the side lines of the MoU signing. Ammar Al Malik, Executive Vice President - Commercial at TECOM Group, signed the memorandum on behalf of Dubai Internet City with Sung-Wook Hur, President of NIPA.
The UAE and Korea are key trading partners with bilateral non-oil trade totalling $3 billion during the first half of 2023. The UAE is Korea's second-largest Arab trade partner and recently concluded talks with Korea for a Comprehensive Economic Partnership Agreement (CEPA) deal. In January 2023, the UAE also announced plans to invest $30 billion in various South Korean sectors and industries to expand economic cooperation over the next few years.
Under the terms of the MoU, NIPA will provide industry data and insights that enhance collaboration and facilitate the participation of Korean technology companies and professionals in Dubai Internet City's ecosystem.
Commenting on the partnership on behalf of Dubai Internet City, Ammar Al Malik said: "We are delighted to embark on this strategic memorandum with NIPA that marks a significant step towards fostering innovation, supporting entrepreneurship, and strengthening the global technology landscape. The agreement underscores our ecosystem's alignment with the goals of Dubai Economic Agenda 'D33' to enable globally impactful innovation from Dubai. The strengths and resources offered by Dubai Internet City and TECOM Group will undoubtedly create lasting impact and drive growth for Korean technology companies not just in Dubai or the region, but around the world."
The MoU with NIPA underscores Dubai Internet City's commitment to advancing technology, innovation, and entrepreneurship through joint initiatives that have a positive impact on the global scale. The agreement was signed at GITEX Global 2023, the world's largest technology event that Dubai Internet City is Innovation Partner for, which runs until 20 October at Dubai World Trade Centre.
Dubai Internet City is the region's largest tech hub and has led Dubai's digital transformation strategy for over two decades, serving as a platform for global tech brands, start-ups, and innovators to work, connect, and innovate. The district is home to more than 3,000 customers, including Fortune 500s and SMEs such as Google, 3M, Microsoft, and Careem, in addition to over 29,000 professionals and entrepreneurs.
Dubai Internet City is part of TECOM Group's portfolio of business districts that includes Dubai Design District (d3), Dubai Science Park, Dubai Media City, Dubai Studio City, Dubai Production City, Dubai Knowledge Park, Dubai International Academic City, and Dubai Industrial City.