Korean companies look to invest up to Dhs100m in TechnoPark

TechnoPark is actively wooing global VC funds and technology companies following last month's announcement of the $300 million Global Venture Capital Fund (KTIC Jasper Asia Gulf Horizons Fund) being set up in collaboration with Korean Technology Investment Corporation (KTIC) and Jasper Capital.

The strategic basing of the $300m Fund in the TechnoPark will result in approximately 10-15 Asian and European technology companies establishing research, development and commercial operations in Dubai over the next two years.

These companies will be focused in the life sciences, information and telecommunications technology, environmental technology, energy, water and infrastructure, and industrial sectors and are considered essential to Dubai's long-term technology development plan.

Hamad Al Hashemi, Managing Director of TechnoPark met the delegation and shed light on developments of TechnoPark highlighting the strong relationship between Dubai and Korea.

Hamad Al Hashemi stated: "We are very pleased to welcome the Korean delegation to Dubai. We have a strong relationship with KTIC who will be managing our venture capital fund. Our partnership will encourage, facilitate, and open channels for other Korean companies to jointly work together on application-oriented scientific research, sustainable local capacity building, contributing to long-term market stability and ultimately furthering economic growth."

Kap Soo Suh Chairman of KTIC said: "TechnoPark and KTIC and several other Korean companies have a shared goal - to advance the cause of science and technology in the World. We completely support their efforts in setting up a scientific base in the Arab World that will provide crosscutting R&D beneficial to multiple industries. We are very keen to invest in TechnoPark and will be announcing possible ventures very soon."

The Korean delegation included CEOs and top officials from many leading Korean companies such as Solidtech, Healthpia, Wooridul, Macrogen, Somaceraputics, , Medipartner, STNet, Terrameta, Innet, EZDigital and Smart Card Laboratory.