Koreans come to masdar
01 April 2010
A SOUTH Korean agency has signed an agreement with a state-owned Abu Dhabi energy company to contribute green know-how to the creation of the world’s first zero-carbon city in the UAE.
The agreement between the Korea Trade-Investment Promotion Agency and Abu Dhabi Future Energy Company confirmed South Korea as a provider of energy expertise for the construction of Masdar City near Abu Dhabi’s international airport.
Energy company head Sultan Ahmed Al Jaber said he wanted to create a special ‘Korean cluster’ in Masdar of South Korean companies, universities and research institutes. In contrast to the rest of the UAE, there would be no limitation on foreign ownership of companies in the future city, he said, nor on the repatriation of earnings.
Masdar City, which broke ground in February 2008, was designed by Al Jaber’s company to be the world’s first carbon-neutral, zero-waste city.
With a projected housing capacity of 40,000, Masdar could serve as “a true blueprint for more cities to be developed around the world,” Al Jaber said.
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