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[Exclusive] Seoul City Discusses Cultural and Economic Cooperation with UAE... Momentum Grows for Attracting Oil Money

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The Seoul Metropolitan Government is set to expand cultural, artistic, and economic cooperation with major cities in the United Arab Emirates (UAE), including Abu Dhabi and Dubai. Invited officially by the Abu Dhabi Music & Arts Foundation (ADMAF), a Seoul delegation is scheduled to visit the region. During this visit, discussions will cover not only cultural and artistic fields but also various economic cooperation areas, including with the Dubai Chamber of Commerce and Industry. Given the high possibility of Seoul Mayor Oh Se-hoon visiting the Middle East this year, this visit is also seen as preparatory work for establishing substantial future cooperation.


According to Seoul city officials on the 31st, the Seoul delegation to the Middle East, led by Deputy Mayor for Political Affairs Kang Cheol-won, will visit Abu Dhabi and Dubai in the UAE from February 1 to 7.


This visit was made possible through the official invitation of Huda Alkhamis Kanu, founder of ADMAF and artistic director of the Middle East's largest cultural program, the Abu Dhabi Festival. A senior Seoul city official explained, "During Director Kanu's visit to Korea last year, we confirmed mutual intentions for intercity cultural exchange cooperation. The invitation coincides with the festival's schedule, so we decided to form and dispatch a delegation."


[Exclusive] Seoul City Discusses Cultural and Economic Cooperation with UAE... Momentum Grows for Attracting Oil Money Last September, Seoul Mayor Oh Se-hoon (right) met with Khalfan Belhoul, CEO of the Dubai Future Foundation, to discuss support measures for innovative startups.
[Photo by Seoul City]

The delegation will attend the festival's opening ceremony as well as various related events. As the Middle East's largest cultural festival, the Abu Dhabi Festival has previously featured Korean artists such as soprano Jo Sumi and violinist Sarah Chang. In 2019, Korea was the guest of honor country, so this year’s program is also expected to strongly promote Korean culture.


There is also potential for meetings with the UAE Minister of Tolerance and Coexistence, the Director of Abu Dhabi Culture & Tourism Authority, the Director of the Louvre Abu Dhabi Museum, and the Vice Chancellor of New York University Abu Dhabi. The official added, "Abu Dhabi hosts branches of world-class art galleries and museums, allowing us to discuss exhibition exchanges with Seoul. We will create various opportunities for tourism development and academic exchanges between the two cities."


Particularly in Dubai, the focus will be on economic cooperation. The delegation plans to hold in-depth discussions and establish a cooperation framework with the Dubai Chamber of Commerce and Industry, the largest chamber in the Middle East and North Africa region, and the Dubai Future Foundation, established by the Dubai royal family for advanced future technology research. Since Mayor Oh met with Khalfan Belhoul, CEO of the Dubai Future Foundation, last September to exchange views on supporting innovative startups, this visit may cover more detailed intercity support measures.


Seoul expects this visit to strengthen its economic network base in the Middle East. The scope of basic cooperation can expand, and Mayor Oh’s direct involvement in the future may yield highly effective results. Seoul’s strategy to target Middle Eastern oil money has also gained momentum. In November last year, Seoul signed a memorandum of understanding with the Dubai International Financial Centre (DIFC), known as a global financial hub for the Middle East, Africa, and South Asia, to expand financial center networks and support overseas expansion of innovative companies. Recently, both sides have begun exchanging opinions on additional cooperation plans.


At that time, both parties agreed to focus on ▲building and strengthening cooperation networks between financial centers ▲joint development of cross-border startup programs ▲supporting Korean companies’ expansion through DIFC’s Leap program ▲mutual linkage of major international conferences, participation of speakers, and startup delegation exchanges ▲supporting Seoul-based startups wishing to enter Dubai or attract investment by establishing local subsidiaries.


In October, investment attraction activities were conducted in Dubai and Abu Dhabi. Carefully selected startups with innovative technologies such as artificial intelligence, digital twins, and healthcare platforms received 'sales' support locally in the Middle Eastern market. To select companies with high potential for capital attraction and market entry in the Middle East, Seoul involved regional experts in the selection process, focusing on promising Middle Eastern industries such as AI, fintech, content, beauty, bio, and transportation, matching local needs. During this process, Seoul also collaborated with KOTRA to jointly host 'Seoul Innovation Techday' to attract investment for Seoul companies. A memorandum of understanding was also signed with Hub71, Abu Dhabi’s largest tech startup support organization, to strengthen personnel exchanges, policy cooperation, and support for Seoul companies’ Middle East market entry and investment attraction between the two cities.


Earlier, in August last year, Mayor Oh met with Khaldoon Khalifa Al Mubarak, Chairman of the Abu Dhabi Executive Office, to discuss mutual exchange and cooperation plans. A Seoul city official said, "Both Abu Dhabi and Dubai have strong intentions for overseas development investment and cooperation. Seoul, with its competitiveness and development potential, is the optimal partner. We will focus more on expanding networks for additional cooperation in the future."


[Exclusive] Seoul City Discusses Cultural and Economic Cooperation with UAE... Momentum Grows for Attracting Oil Money


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