Geomdan New Town in Incheon, a project valued at US$3.6 billion, might receive an investment from a United Arab Emirates-based company.
Incheon Mayor Yoo Jeong-bok met with Future City CEO and Deputy CEO of the Investment Corporation of Dubai (ICD) Khalifa Al Daboos. They discussed the opportunity to develop the Future City project in the Geomdan New Town area. Mayor Yoo received a letter directly from Khalifa Al Daboos on March 3 (local time) while in Dubai. In the letter that Mr Khalifa Al Daboos shared with the Mayor, he welcomed the Mayor to Dubai and agreed to visit Incheon City at a mutually convenient date in the future. The Mayor assured Mr Al Daboos that with its Free Economic Zone status, Geomdan City will be an ideal location for the Future City project.
It is said that the ICD appreciates Incheon’s geographical advantages as home to an international airport and a port, and that it will attract a large number of Chinese tourists based on the Korea-China FTA. There, the ICD is in talks to set up educational institutions and high-tech industrial complexes in the 3.86 million m2-wide area, as it did in the Smart City in Dubai 12 years ago. At present, more than 3,000 companies, including Microsoft, IBM, Canon, and CNN, are located in Dubai's Smart City.