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Zawya
4 days ago
- Business
- Zawya
Abu Dhabi and Seoul advance smart and sustainable development ties
Abu Dhabi, UAE: A senior delegation led by His Excellency Mohamed Ali Al Shorafa, Chairman of the Department of Municipalities and Transport (DMT) has concluded an official visit to the Republic of Korea aimed at deepening bilateral cooperations in next-generation infrastructure, sustainable mobility, and urban innovation. During the trip, His Excellency Al Shorafa held a series of high-level government meetings, including those with His Excellency Oh Se-hoon, Mayor of Seoul and His Excellency Lee Sang Kyeong, Vice Minister of Land and Infrastructure. The strategic discussions, attended by His Excellency Abdulla Saif Al Nuaimi, UAE Ambassador to the Republic of Korea, reinforced the growing relationship between Abu Dhabi and Seoul, building on the Friendship City Agreement signed last year. The talks focused on strengthening knowledge exchange across sectors such as transit-oriented development, digital twin technologies, and data-driven decision-making in civic operations. Highlighting the importance of cross-border collaboration, His Excellency Al Shorafa stated: "Our visit reflects Abu Dhabi's dedicated efforts to fostering global partnerships that support the advancement of liveable, sustainable, and connected cities for the future. These international dialogues offer invaluable opportunities to share insights and accelerate collective progress that is centred on serving the people who choose to call these destinations home placing their needs and aspirations at the core of every vision, every plan, and every community we build.' Furthermore, the DMT Chairman delivered a keynote speech at the opening of the World Smart City Expo (WSCE) 2025 during his time in Korea. The prestigious event was held in Busan from July 15 to 17 under the theme of 'Next City For All'. His Excellency highlighted Busan's achievements in purposeful modernisation, emphasising how intentional planning and advanced solutions can shape vibrant metropolitan areas. The address also acknowledged the importance of platforms like WSCE in facilitating the exploration of ideas around the role of intelligent transport systems, enhanced local services, and climate-resilient infrastructure as well as active engagement in building human-centric, adaptable spaces. Afterwards, he accepted the WSCE Contribution Award on behalf of the Department for its role in the expo's success. Additionally, the senior delegation took part in a series of meetings and seminars, including the Urban Development & Smart Mobility Seminar with the Ministry of Land, Infrastructure and Transport (MOLIT), the Korea Land and Geospatial Informatix Corporation (LX Corporation), and the Korea Research Institute for Human Settlements (KRIHS) to discuss urban governance and smart city solutions. Separately, they participated at the Abu Dhabi – Seoul Future Transport Strategy Seminar alongside the Korea Agency for Infrastructure Technology Advancement (KAIA) and Hyundai Motor Group on future and autonomous mobility as well bilateral cooperation opportunities.
South China Morning Post
10-06-2025
- Business
- South China Morning Post
Calls grow in South Korea to tighten rules on Chinese-led property shopping
As the share of land and housing purchases by foreigners continues to grow in South Korea , debate is resurfacing over whether regulations should be tightened, especially amid concerns of market disruption and discrimination against locals. Advertisement While some government officials are pushing for legal reforms based on the principle of reciprocity, others caution that any regulatory move must follow a thorough assessment of market impact. According to the Ministry of Land, Infrastructure and Transport on Monday, the Seoul metropolitan government recently sent an official request to the ministry urging it to formalise reciprocity provisions in real estate-related laws such as the Real Estate Transaction Reporting Act. This followed an order from Seoul Mayor Oh Se-hoon to promptly propose countermeasures regarding foreign land and housing purchases. Reciprocity, in this context, refers to the idea that if a country restricts or prohibits real estate purchases by Korean citizens, then South Korea should impose similar restrictions on citizens from that country. Currently, no real estate law in South Korea includes such a principle. Foreign ownership of Korean real estate has been steadily increasing. As of the end of last year, foreigners owned around 268 million square metres (2.8 billion square feet) of land in South Korea – a 1.2 per cent increase from the previous year. The number of housing units owned by foreigners also rose 5.4 per cent to 100,216 units as of the end of June 2023. Advertisement According to the Supreme Court's real estate registration data, 8,655 foreign landlords registered lease contracts between January and May this year, indicating active investment. Calls for tighter rules have intensified due to the limited oversight on foreign transactions, even as foreign purchase rates climb. In particular, China bans or heavily restricts real estate ownership by Koreans within its borders, prompting critics to argue that a reciprocal system is necessary.
