Abu Dhabi’s Advanced Technology Research Council (ATRC), a UAE-based advanced technology research body, and the South Korea-based Seoul Robotics, an industrial autonomous driving company, are exploring a partnership for joint research and development (R&D) in the field.

The discussions focused on sharing insights into the current state and the outlook of the industrial autonomous driving market, with emphasis on potential collaboration opportunities across R&D, according to a statement from Seoul Robotics.

Of the areas highlighted was autonomous robotics, including Seoul Robotics’ proprietary industrial autonomous driving software, the Level 5 Control Tower (LV5 software), which is being considered for potential application in the automotive logistics sector within the Middle Eastern market.

Lee Han-bin, CEO of Seoul Robotics, said “the visit facilitated through the Abu Dhabi Investment Office (ADIO) could lead to further discussions on investment opportunities in Seoul Robotics’ pre-IPO round.”

According to Fortune Business Insights, the global autonomous industrial market is projected to grow from $33 billion in 2023 to $67.73 billion by 2030, at a CAGR of 10.8% during the forecast period.

(Writing by Bindu Rai, editing by Seban Scaria )