Seoul-Dubai, Mutual Cooperation in Sharing Financial Policies and Fostering Promising Companies

Seoul Mayor Oh Se-hoon Meets with Dubai Deputy Ruler Al Maktoum
Invest Seoul-Dubai Chamber of Commerce MOU, Cooperation for Overseas Expansion
Deputy Ruler Al Maktoum Mentions Visit to Seoul... Mayor Oh Expects "Win-Win"

Seoul and Dubai have agreed to cooperate on policies in the digital finance sector. Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, Deputy Ruler of Dubai and Vice President of the United Arab Emirates (UAE), promised to visit Seoul, and an MOU (Memorandum of Understanding) was signed with the Dubai Chamber of Commerce and Industry during Seoul Mayor Oh Se-hoon's visit to Dubai. The two cities plan to exchange programs as well as foster promising companies in the future.

On the morning of the 6th (local time), Mayor Oh met with Deputy Ruler Al Maktoum at the Jumeirah Resort located in downtown Dubai to discuss the "mutual cooperation plan in the financial and economic sectors."

On the 6th (local time), Seoul Mayor Oh Se-hoon talks with Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, Deputy Ruler of Dubai and Deputy Prime Minister of the UAE.
[Photo by Seoul City]

Mayor Oh on Dubai's Economic Growth Plan: "Hope It Proceeds Smoothly"

At the meeting, Mayor Oh and Deputy Ruler Al Maktoum shared strategies for digital finance hubs centered around Yeouido and Dubai’s leading global digital finance policies, agreeing to cooperate mutually to foster promising companies.

In particular, Mayor Oh highly praised Dubai’s development and said, "I heard the ambitious plan to more than double Dubai’s economic scale by 2033," adding, "I hope that plan proceeds very smoothly." In response, Deputy Ruler Al Maktoum emphasized, "The UAE has built a good relationship with Korea, and Dubai wants to establish partnerships with all cities," adding, "Dubai hopes to become a regional hub, aiming to be an economic hub, trade hub, and tourism hub."

Also present was Al Mulla, President of the Dubai International Financial Centre (DIFC), who told Mayor Oh, "Two years ago, the DIFC Innovation Hub and Seoul Fintech Lab signed an MOU," adding, "I hope that connection continues and that many successful outcomes will be achieved through ongoing partnerships."

Mayor Oh and Deputy Ruler Al Maktoum also discussed various new initiatives being attempted by the two cities. Deputy Ruler Al Maktoum mentioned risk management in the fintech development process, emphasizing, "Dubai is discovering new fields and trying new initiatives," and Mayor Oh evaluated, "The Deputy Ruler’s mindset encouraging new attempts is very similar to mine."

Mayor Oh also expressed great anticipation for Deputy Ruler Al Maktoum’s visit to Seoul. Mayor Oh said, "I really hope you visit (Seoul). Please let us know when you plan to visit, and the embassy will host you," adding, "I hope exchanges between Seoul and Dubai become more active and that we develop a win-win relationship."

On the 6th (local time), the Invest Seoul-Dubai Chamber of Commerce MOU signing ceremony held in Dubai. From the top left clockwise: Oh Se-hoon, Mayor of Seoul; Faisal Juma Kalfan Belhoul, Vice Chairman of the Dubai Chamber of Commerce; Maha Al Ghalghawi, Vice President of the Dubai Chamber of Commerce; Gu Bon-hee, CEO of Invest Seoul.
[Photo by Seoul City]

MOU Signed to Expand Cooperation Beyond Investment Attraction Programs

Cooperation between the two cities led to the signing of an MOU. 'Invest Seoul,' Seoul’s dedicated investment attraction organization, signed a mutual cooperation agreement with the Dubai Chamber of Commerce and Industry. The two institutions agreed to strengthen cooperation not only in attracting corporate investment but also in overseas expansion processes.

Founded in 1965, the Dubai Chamber of Commerce and Industry is the largest chamber of commerce in the Middle East and North Africa region, with about 80,000 member companies. Currently, Seoul hosts more than 20 chambers of commerce, including those from the United States, Germany, and Iran, and Dubai plans to open its office in Seoul as the second Middle Eastern chamber of commerce after Iran.

The agreement includes detailed plans such as opening the Dubai Chamber of Commerce and Industry’s Seoul office, cooperation in corporate overseas expansion and investment attraction, and exchange of investment attraction programs. Since the Dubai Chamber of Commerce and Industry is the organizer of 'Expand North Star' (held annually in October), the largest IT startup exhibition in the Middle East, Seoul expects that the business platform role will be strengthened when Korean companies enter the Middle Eastern market in the future.

Meanwhile, prior to this, Mayor Oh visited the Seoul Enterprise Pavilion jointly established by Invest Seoul and Seoul Fintech Lab and heard the status of 12 promising Seoul companies (7 fintech companies and 5 IT companies). At the meeting, Mayor Oh promised Seoul city-level support for attracting Middle Eastern capital to Seoul companies and supporting their entry into the Middle Eastern market. Among the companies participating in the Seoul Enterprise Pavilion, 'Moin' and 'Road System' were recognized for their excellent fintech technology by participating in the 'Fintech World Cup,' a global fintech company competition and a major program of the Dubai Fintech Summit.

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