BTS star Park Jimin was mentioned by South Korean media outlet Munhwa Ilbo in their recent article about Abu Dhabi's emergence as a financial and fintech hub in the world. On February 5, 2024, Munhwa Ilbo reported that South Korea and the Middle East were working toward an “oil-free future” while massive billboards featuring the BTS star filled the Abu Dhabi Global Market (ADGM).
The Abu Dhabi Global Market (ADGM) is a free trade zone for foreign investments, known as a “black hole” for the international travel, insurance, banking and financial technology (fintech) sectors. Home to around 3,000 companies, this vast complex is home to talented individuals from all over the world.
Munhwa Ilbo reported that the mall includes several billboards for BTS member Jimin from his Dior advertising campaign and that citizens are very familiar with the global star.
Billboards for BTS Jimin are hanging everywhere in Abu Dhabi Global Market, which houses the headquarters of 3,000 companies and investments worth $2 billion.
A $2 billion plan to support Web3 and blockchain technology businesses was recently announced by Abu Dhabi-based Hub71 from February 2023. World-class infrastructure and a progressive regulatory environment will be provided to these companies through the project, which will have its headquarters. In Abu Dhabi Global Market.
At Abu Dhabi Global Market, the appeal of the Korean Wave was also noticeable. People passing by were drawn to a huge photo display outside the entrance of a large shopping mall. The photos included BTS member Jimin, who posed for the global high-end brand Dior.
The Abu Dhabi Global Market is one of the largest economic zones in the world, with an area of 14.38 million square metres. Abu Dhabi is home to the world's largest pool of sovereign wealth, offering quick access to funds, a tax-friendly environment, and an east-west market. Its excellent educational institutions, unique communications and first-class medical services are just a few of the advantages.
Saudi Arabia, which accounted for about 25% of global sovereign wealth holdings in funds last year, shows the potential of “oil money” in this way. Growth of 52% from the previous year saw investment contracts worth $31.5 billion (or about 40.82 trillion won) signed in this time, overtaking Singapore to become the country with the largest sovereign wealth fund in Asia.
Meanwhile, Mono Ilbo reported on February 5, 2024, that a citizen in Abu Dhabi Global Market stated that Abu Dhabi is accustomed to BTS's Park Jimin and her massive popularity around the world. Dior's ad campaign – which generated more than $746 million for the brand for the first time in 27 years thanks to Jimin's global popularity – has billboards of the BTS star placed everywhere in the massive building.
Due to its greater deregulation, powerful oil money, and unique incentives to attract investment, the UAE is expanding rapidly to the point that it is viewed by the international community as an emerging global financial and fintech hub, even surpassing Singapore.
As of 2020, the Abu Dhabi Global Market, a financial free zone focusing on finance, insurance and legal services, attracted 2,650 companies from a variety of industries, including fintech and finance. It was established in accordance with federal legislation and Abu Dhabi Law No. 4 of 2015. It is believed that there are approximately 3,000 companies in existence at the moment.
Moreover, according to a Reuters report from November 2022, South Korea's S-Oil Corp (010950.KS) has set up a new tab to explore the possibility of investing up to 8 trillion won ($6.04 billion) in new petrochemical production in the country. The refinery, whose main investor is Saudi Aramco (2222.SE), announced the construction of factories in South Korea.
In November 2022, the Korea Economic Daily reported – citing an unnamed petrochemical industry source – that the refinery was considering building facilities in Ulsan, South Korea, that would produce 1.8 million tons of ethylene-related petrochemical products annually, with plans to complete In 2026.
The mention of global BTS star Park Jimin in an article talking about the emergence of Abu Dhabi as a financial and technical center is a testament to the importance of the star and his contribution to launching the “Korean Wave” around the world. Previously, Jimin was also mentioned in Harvard University term papers by the CEO of the esteemed organization.
