Friday, 3 September 2010
Korean firms eye merger with UAE companies in new projects
Monday, 21 June 2010 at 15:14, Wam, Seoul
Favourable economic fundamentals are coming back to Dubai. Chung Byung-chol, Vice chairman of the Federation of Korean Industries said that more and more Korean business interests are considering teaming up with enterprises in the UAE for new projects in construction, high tech and knowledge-based industries.
Chung made the statement at the Dubai Economic Forum which opened on Monday at the InterContinental Hotel in downtown Seoul.
FKI is the most influential economic organization in Korea reflecting a broader spectrum of Korea's leading businesses which includes Samsung, Hyundai and LG, to name just a few.
The economic forum organized by Index Holding Korea was participated in by more than 80 representatives from 47 leading Korean companies reflecting keen interest in investment opportunities in Dubai.
"Dubai is regaining its vitality as an investment and tourism destination nowadays. Hotel occupancy rate has bounced back to 80 per cent or more after plunging to below 50pct earlier this year," said Mohammed Shael Al Saadi, chief executive officer, Business Registration and Licensing of DED.
Al Saadi attributed this to the recent inauguration of budget air carrier Fly Dubai, an affiliate of Emirates Airline.
Thousands of tourists from India, Egypt, Syria, Lebanon and Turkey are coming to Dubai in groups for shopping and sightseeing. Europeans also visit regularly, he disclosed, pointing out that Dubai is no longer a city of luxurious hotels.
Even seven star hotels in Dubai are now affordable for ordinary tourists, he added.
As of now, 52 Korean companies are operational in Dubai with 229 Koreans working as business partners.
Chung made the statement at the Dubai Economic Forum which opened on Monday at the InterContinental Hotel in downtown Seoul.
FKI is the most influential economic organization in Korea reflecting a broader spectrum of Korea's leading businesses which includes Samsung, Hyundai and LG, to name just a few.
The economic forum organized by Index Holding Korea was participated in by more than 80 representatives from 47 leading Korean companies reflecting keen interest in investment opportunities in Dubai.
"Dubai is regaining its vitality as an investment and tourism destination nowadays. Hotel occupancy rate has bounced back to 80 per cent or more after plunging to below 50pct earlier this year," said Mohammed Shael Al Saadi, chief executive officer, Business Registration and Licensing of DED.
Al Saadi attributed this to the recent inauguration of budget air carrier Fly Dubai, an affiliate of Emirates Airline.
Thousands of tourists from India, Egypt, Syria, Lebanon and Turkey are coming to Dubai in groups for shopping and sightseeing. Europeans also visit regularly, he disclosed, pointing out that Dubai is no longer a city of luxurious hotels.
Even seven star hotels in Dubai are now affordable for ordinary tourists, he added.
As of now, 52 Korean companies are operational in Dubai with 229 Koreans working as business partners.
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