K-media mentions BTS Jimin's impact on strengthening economic and cultural cooperation between Korea and the Middle East

BTS star Park Jimin was mentioned by a South Korean media outlet Munhwa Ilbo in their latest article about Abu Dhabi emerging as the financial and fintech hub in the world. On February 5, 2024, Munhwa Ilbo reported that South Korea and the Middle East are working towards an "oil-free future" while the BTS starlet's massive billboards filled the Abu Dhabi Global Market (ADGM).

The Abu Dhabi Global Market (ADGM) is a free-trade zone for foreign investment, known as a "black hole" for the international travel, insurance, banking, and fintech (financial technology) sectors. About 3,000 enterprises are housed in this vast complex, which is home to talented individuals from all over the world.

Munhwa Ilbo reported that the mall houses several billboards of BTS' Jimin from his Dior Ad campaign and the citizens are extremely familiar with the global star.

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BTS Jimin's billboards hung everywhere at the Abu Dhabi Global Market which headquarters of 3000 companies & $2 Billion investment

A $2 Billion plan to support Web3 businesses and blockchain technology was recently announced by Hub71 in Abu Dhabi as of February 2023. A world-class infrastructure and a progressive regulatory environment would be made available to these businesses by the project, which will have its headquarters in the Abu Dhabi Global Market.

At ADGM, the appeal of the Korean wave was also perceptible. People walking by were drawn to a massive display of images outside the entrance of a large shopping mall. The photos included BTS member Jimin, who appeared for the high-end international brand Dior.

ADGM is one of the largest economic zones in the world, covering 14.38 million square metres. This Abu Dhabi is home to the world's largest sovereign wealth pool, offers quick access to funds, a tax-friendly environment, and an east-west market. Its excellent educational institutions, unique connections, and first-rate medical services are only a few advantages.

Saudi Arabia, which accounted for about 25% of global sovereign wealth holdings in funds last year, is demonstrating the potential of "oil money" in this way. A 52% growth from the previous year saw the signing of investment contracts worth $31.5 billion (or about 40.82 trillion won) at this time, overtaking Singapore to become the nation with the largest sovereign wealth fund in Asia.

Meanwhile, Munwha Ilbo reported on February 5, 2024, that a citizen at the ADGM mentioned that Abu Dhabi is well-accustomed to BTS' Park Jimin and its massive popularity across the world. The Dior Ad Campaign—which generated over $746 million for the brand for the first time in 27 years courtesy of Jimin's global popularity—had the BTS idol's billboards placed everywhere in the massive building.

Owing to its substantial deregulation, strong oil money, and unique investment attraction incentives, the UAE is expanding quickly to the point that the world community is seeing it as an emergent global financial and fintech hub, even exceeding Singapore.

As of 2020, ADGM, a financial-free zone with a focus on finance, insurance, and legal services, had drawn 2,650 businesses from a variety of industries, including fintech and finance. It was established in compliance with federal legislation and Abu Dhabi Law No. 4 of 2015. Approximately 3,000 firms are thought to exist at the moment.

Furthermore, according to a November 2022 Reuters report, South Korea's S-Oil Corp (010950. KS) created a new tab to explore the possibility of investing up to 8 trillion won ($6.04 billion) in new petrochemical production in the nation. The refiner, whose main investor is Saudi Aramco (2222. SE), announced building factories in South Korea.

In November 2022, the Korea Economic Daily reported—citing an unnamed petrochemical industry source—that the refiner was thinking of building facilities in Ulsan, South Korea, that would produce 1.8 million tonnes of ethylene-related petrochemical products yearly, with completion planned for 2026.

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BTS global star Park Jimin being mentioned in an article that speaks about Abu Dhabi emerging as the financial and fintech hub is a testament to the star's relevance and contribution in ushering the "Korean Wave" worldwide. Previously, Jimin was also mentioned in the study papers of Harvard University by the CEO of the esteemed organization.