A2Z (CEO Ji-hyung Han, hereinafter A2Z) announced on the 20th that it had finalized the establishment of a local autonomous driving joint venture with Space42, an AI space tech company in the United Arab Emirates (UAE), in Abu Dhabi on the 19th (local time).
The two companies officially announced the establishment of the joint venture at the "Korea-UAE Business Roundtable," held on the 19th to coincide with President Lee Jae-myung's state visit to the UAE. The contract was signed in the presence of officials from both countries, including Deputy Prime Minister and Minister of Science and ICT Bae Kyung-hoon, A2Z Vice President Yoo Byung-yong, and Space42 CCO Sulaiman Al Ali.
The establishment of this joint venture was completed one year and four months after the agreement with Bayanat (now Space42) in July of last year and the business agreement in October. Through its Singaporean joint venture, A2Z laid the foundation for its expansion into the Middle East by designing the partnership structure and building a network.
The two companies will jointly invest a total of $4 million to establish the joint venture and jointly secure and pursue an $8 million autonomous driving project in Abu Dhabi. Key projects include expanding access to Level 4 autonomous driving, retrofitting existing vehicles into autonomous vehicles, and providing V2X technology and services. Beyond simple technology exchange, the goal is to commercialize autonomous driving locally and build a smart mobility ecosystem.
The project will proceed in phases. In the first half of next year, autonomous driving pilots and modifications using five Kia PV5s will begin in Abu Dhabi and Dubai. Subsequently, workshops and R&D programs with local governments will be conducted to expand the manufacturing and infrastructure base, and commercialization will be expanded throughout the Middle East.
The UAE is pursuing a smart mobility transformation, with Dubai aiming for a 25% autonomous vehicle penetration rate by 2030 and Abu Dhabi aiming for a full transition by 2040. The joint venture will collaborate with the Abu Dhabi Investment Authority (ADIO), SAVI, and others to jointly develop laws, regulations, and operational systems for the commercialization of autonomous vehicles.
Hassan Al Hosani, CEO of Space42 Smart Solutions, said that this joint venture will serve as a foundation for realizing the UAE's 'Autonomy 2.0' strategy, and that through cooperation between the two companies, the UAE will establish itself as a hub for global autonomous driving innovation.
Philip Park, Co-CEO of Kilsa Global, said that this collaboration is an example of A2Z's global expansion strategy bearing fruit, and that the company plans to support A2Z's business growth in the Middle East and around the world in the future.
Han Ji-hyung, CEO of A2Z, said that this is significant as it marks the full-scale entry of Korean autonomous driving technology into the Middle East market, and that he would expand smart mobility innovation in the UAE and the Middle East by building a safe and reliable autonomous driving infrastructure together with Space42.
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