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Korea could invest Dh100m in TechnoPark

The Korean Technology Investment Corporation (KTIC) could invest about Dh100 million in TechnoPark, the science and technology facilitator of Economic Zones World.

  • Staff Report
  • Published: 00:05 April 28, 2008
  • Gulf News

Dubai: The Korean Technology Investment Corporation (KTIC) could invest about Dh100 million in TechnoPark, the science and technology facilitator of Economic Zones World.

A high-level Korean delegation, comprising senior executives of KTIC, and CEOs of 12 leading technology companies in the telecom and medical sectors, visited Dubai expressing an interest to invest in TechnoPark.

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. We completely support their efforts to set up a scientific base in the Arab world that will provide crosscutting research and development beneficial to multiple industries."

TechnoPark is actively wooing global venture capital 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 KTIC and Jasper Capital.

The strategic basing of the $300 million 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.

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