ATE1-UAE Royal Family MOU Signed... "Promoting Korea-UAE Business"

The signing of an MOU between the United Arab Emirates (UAE) Royal Family and EightOne has been finalized, confirming the promotion of Korea-UAE business.

KOSDAQ-listed company EightOne (CEO Jin-Yeop Lee) announced on the 20th that it signed a memorandum of understanding (MOU) with the Royal Family Office, led by Crown Prince Ahmed bin Faisal Al Qasimi and his delegation, at the Royal Family Office headquarters. The MOU covers the opening of branches in three Asian countries (Korea, China, Japan) and support for the entry of Islamic banks into Korea.

At the business agreement ceremony held on the 20th at the Dubai Royal Family Office headquarters, Eight One CEO Jin-yeop Lee (third from the left), Royal Family Office Kameis Abdullah Al Humoudi (second from the left), and staff are posing for a commemorative photo. Photo by Eight One

Through this MOU, EightOne will cooperate in establishing branches in Asia (Korea, China, Japan) promoted by the Royal Family Office and plans to build an APAC (Asia-Pacific) network based on these hubs to explore various collaborations.

The Royal Family Office will actively promote attracting investments in promising domestic startups, the entry of Islamic banks into Korea, and the expansion of Korean companies into Arab countries. In particular, it plans to closely cooperate with Korea in blockchain fintech businesses such as STO and CBDC (Central Bank Digital Currency).

This agreement was achieved after active consultations between Bruce Jeong, who serves as the Global Business Chairman of EightOne, and the UAE Royal Family Office. Bruce Jeong also holds the position of Chairman of Middle East Investment.

With this agreement, the UAE Royal Family Office's entry into Asia has been confirmed, and next month, representatives from the Royal Family Office will visit Korea to continue discussions.

A representative of the Royal Family Office stated, “UAE companies and investors highly value the worth and potential of the Korean market and are willing to expand exchange and cooperation,” adding, “Last year, non-oil trade between the two countries reached 5.3 billion dollars, and this year, positive interactions between the two nations continue to occur.”

He also expressed expectations, saying, “Through entry into Korea, we will serve as a bridge to enable closer business development between Korea and the Arab world.”

An EightOne official said, “This MOU has become an opportunity to confirm the Arab region’s interest in blockchain fintech,” and added, “We will actively utilize our technological capabilities in Web 3.0 fields such as XR, AI, and blockchain to contribute to the development of both countries in the digital economy and technology sectors.”

Meanwhile, in January, the UAE government demonstrated its trust in Korea by deciding to invest 30 billion dollars (approximately 40 trillion KRW) in Korea, and continues to build a friendly relationship by holding the 8th Korea-UAE Economic Joint Committee on the 6th.

This content was produced with the assistance of AI translation services.