CU Box Establishes JV with UAE Airport and Aviation Solutions Specialist

CUBox announced on the 20th that it signed a strategic business agreement on the 12th of this month to establish a joint venture (JV) with Bayanat Engineering, an airport and aviation solutions specialist company based in the United Arab Emirates (UAE), to globally expand AI systems and solutions business in the airport and aviation sectors.

CUBox will take on the role of organizing Team Korea with Korean partner companies that possess excellent technology and provide AI video recognition technology and solutions in the airport and border sectors. Bayanat Engineering plans to create various business opportunities through its strong sales network secured in the Middle East, Africa, and Southeast Asia, and will also procure investment funds associated with large-scale projects through its affiliates.

Bayanat Engineering, which signed the memorandum of understanding (MOU) this time, is a UAE-based company specializing in aviation, defense, and transportation solutions, achieving sales of $101 million (approximately KRW 139.4 billion) in 2023. It is a subsidiary of IHC, one of the top three companies in the Middle East. IHC is currently the most influential holding company in the Middle East, with a market capitalization of $238.6 billion (approximately KRW 329 trillion) and annual sales of $16.5 billion (approximately KRW 22.6 trillion). Notably, it operates subsidiaries in various fields such as energy, finance, construction, and food, and is currently leading non-oil sector businesses in the Middle East and Africa regions.

According to the agreement, CUBox and Bayanat Engineering plan to establish a JV in Abu Dhabi, UAE. The JV will not only combine the existing capabilities of both companies but also actively utilize the PPP (Public-Private Partnership) model, leveraging large-scale capital from the UAE to recover investments mid- to long-term while advancing global business.

Nam Woonsung, CEO of CUBox, said, “Recently, UAE investment companies have been making aggressive investments in leading global AI companies, and this agreement was also pursued as part of that effort. This UAE project is very important not only for large-scale business opportunities but also for enhancing shareholder value of CUBox. Therefore, we will do our best to successfully carry out the project by dispatching our top management, the head of the management division, as the head of the local corporation.”