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Principal Bruce Jeong of Middle East Investment Facilitates Aiitone in Signing MOU with the UAE Royal Family.

The MOU between the UAE Royal Family and aiitone has been concluded, confirming the promotion of business between Korea and the UAE.

[Image Resource by aiitone]

KOSDAQ-listed company aiitone (CEO Jin Yeop Lee) announced on the 20th that it signed an MOU with the Royal Family Office led by the Prince (Ahmed Bin Faisal AL Qassimi) and a delegation at the headquarters of the Royal Family Office. The purpose of the MOU is to open branches in three Asian countries (Korea, China, and Japan) and to support Islamic banking in Korea.

Through this business agreement, aiitone plans to cooperate with the establishment of a branch office in Asia (KOREA, CHINA, JAPAN), which is being promoted by the Royal Family Office. The goal is to seek various collaborations by establishing an APAC (Asia-Pacific) network.

The Royal Family Office has decided to actively promote the expansion of Islamic banks in Korea and facilitate the entry of Korean companies into the Arab world. This includes attracting investments in promising domestic startups. In particular, it plans to cooperate closely with Korea in block chain fintech projects such as STO and CBDC (Central Bank Digital Currency).

This agreement was concluded after active discussions with the UAE Royal Family Office by Bruce Jeong, who serves as the Principal of Middle East Investments. Bruce Jeong also serves as the Chairman of Aiitone.

With the signing of this agreement, the entry of the UAE Royal Family Office into Asia has been confirmed. Officials from the Royal Family Office are planning to visit Korea next month to continue discussions.

An official from the Royal Family Office stated, "Companies and investors in the UAE greatly appreciate the value and potential of the Korean market and are eager to enhance exchanges and cooperation." The official also noted, "We are pleased to observe that non-oil trade between the two countries reached 5.3 billion dollars last year, and positive interactions between the two countries are ongoing this year."

He also expressed his anticipation, saying, "Through our entry into Korea, we will serve as a bridgehead to facilitate closer business development between Korea and the UAE."

An official from aiitone said, “This MOU serves as an opportunity to confirm the interest of the Arab world in block chain fintech." The official also added, "We will make efforts to contribute to the development of both countries in the digital economy and technology sector by actively utilizing our technology in the field of Web 3.0, such as XR, AI, and block chain."

Meanwhile, in January, the UAE government decided to invest USD 30 billion (approximately KRW 40 trillion) in Korea, demonstrating its trust in Korea. On the 6th, the 8th KOREA-UAE Joint Economic Committee was held to establish a long-lasting friendly relationship.

이동희 기자 (lee.donghee.ja@gmail.com)