Abu Dhabi's got Seoul

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Abu Dhabi's push to become a real player in the microchip industry, led by the government-owned

, has has taken it to Seoul. Today, Atic formed a partnership with the

. And there was much rejoicing.

It is hard not to admire the story of South Korea's incredible rise from abject poverty one one of the world's most prosperous and advanced economies. Aside from semiconductors, which they make better than pretty much anyone, those plucky Koreans export a ton of amazingly complex things, from

to

.

There's no doubt that Abu Dhabi's push into advanced industries like semiconductors, aerospace and renewable energy is inspired by small Asian nations like Korea, Singapore and Taiwan, whose citizens now live the good life (

) despite almost no real natural resources. And it is good to see partnerships like this, which explicitly recognise that inspiration.

Read on for the full announcement:

---------PRESS RELEASE ----------

Advanced Technology Investment Company (ATIC) and Korea Semiconductor Industry Association (KSIA) to partner on new initiatives


Organizations to Explore Joint Development and Commercial Opportunities

ABU DHABI - January 19, 2010 - The Advanced Technology Investment Company (ATIC) of Abu Dhabi and the Korea Semiconductor Industry Association (KSIA) announced today they have signed a memorandum of understanding in which the two parties will explore potential areas of collaboration in the semiconductor industry. The agreement was signed in Abu Dhabi, by Ibrahim Ajami, CEO of ATIC and by Dr. Jun-Cheol Yang, CEO of KSIA.

ATIC, a technology investment company focused on making significant investments in the advanced technology sector, is the majority investor in GLOBALFOUNDRIES, the world's first truly global semiconductor manufacturing company.  GLOBALFOUNDRIES has operations in the United States, Asia and Europe, with over 150 global customers.  KSIA is the advisory association behind the Korean semiconductor industry, a major economic pillar of the Korean economy, representing the interests of a variety of Korean semiconductor companies including Samsung and Hynix.

"South Korea's semiconductor industry is tremendously innovative and is an amazing source of talent and insight," said Ibrahim Ajami. "We look forward to exploring shared development and commercial opportunities as we advance ATIC's goal of becoming an industry leader and strengthening Abu Dhabi's advanced technology sector."

"ATIC's investment in GLOBALFOUNDRIES is propelling some of the leading advances in the industry," said Dr. Yang.  "As we begin to see recovery in this industry, we are very excited to be collaborating with this major industry partner, with its long-term perspective and global viewpoint."

The agreement will allow ATIC and KSIA to explore cooperative partnerships with leading companies in each other's markets, as well as global companies located in the UAE and Korea.  With significant intellectual capital and a shared financial interest in the semiconductor industry, the ATIC and KSIA partnership will also explore further technology education and public/private technology advancement.

Under the MOU, ATIC and KSIA will evaluate potential development and commercial projects, including semiconductor-related research and development programs; technology trends and industrial policy seminars; collaboration between UAE and Korean companies to further competitiveness and investment; and education-related exchanges between students and faculty in various UAE and Korean universities and associations.

KSIA currently manages periodic meetings with semiconductor associations from the U.S., Japan, China, EU and Taiwan, furthering global cooperation through world-wide semiconductor trade promotion and protection of both of environment and intellectual property rights.

The specs

Engine: 1.5-litre, 4-cylinder turbo

Transmission: CVT

Power: 170bhp

Torque: 220Nm

Price: Dh98,900

The specs

Engine: 1.5-litre, 4-cylinder turbo

Transmission: CVT

Power: 170bhp

Torque: 220Nm

Price: Dh98,900

The specs

Engine: 1.5-litre, 4-cylinder turbo

Transmission: CVT

Power: 170bhp

Torque: 220Nm

Price: Dh98,900

The specs

Engine: 1.5-litre, 4-cylinder turbo

Transmission: CVT

Power: 170bhp

Torque: 220Nm

Price: Dh98,900

The specs

Engine: 1.5-litre, 4-cylinder turbo

Transmission: CVT

Power: 170bhp

Torque: 220Nm

Price: Dh98,900

The specs

Engine: 1.5-litre, 4-cylinder turbo

Transmission: CVT

Power: 170bhp

Torque: 220Nm

Price: Dh98,900

The specs

Engine: 1.5-litre, 4-cylinder turbo

Transmission: CVT

Power: 170bhp

Torque: 220Nm

Price: Dh98,900

The specs

Engine: 1.5-litre, 4-cylinder turbo

Transmission: CVT

Power: 170bhp

Torque: 220Nm

Price: Dh98,900

The specs

Engine: 1.5-litre, 4-cylinder turbo

Transmission: CVT

Power: 170bhp

Torque: 220Nm

Price: Dh98,900

The specs

Engine: 1.5-litre, 4-cylinder turbo

Transmission: CVT

Power: 170bhp

Torque: 220Nm

Price: Dh98,900

The specs

Engine: 1.5-litre, 4-cylinder turbo

Transmission: CVT

Power: 170bhp

Torque: 220Nm

Price: Dh98,900

The specs

Engine: 1.5-litre, 4-cylinder turbo

Transmission: CVT

Power: 170bhp

Torque: 220Nm

Price: Dh98,900

The specs

Engine: 1.5-litre, 4-cylinder turbo

Transmission: CVT

Power: 170bhp

Torque: 220Nm

Price: Dh98,900

The specs

Engine: 1.5-litre, 4-cylinder turbo

Transmission: CVT

Power: 170bhp

Torque: 220Nm

Price: Dh98,900

The specs

Engine: 1.5-litre, 4-cylinder turbo

Transmission: CVT

Power: 170bhp

Torque: 220Nm

Price: Dh98,900

The specs

Engine: 1.5-litre, 4-cylinder turbo

Transmission: CVT

Power: 170bhp

Torque: 220Nm

Price: Dh98,900