On Monday, August 27, 2007, Incheon Metropolitan City and the Incheon Free Economic Zone (IFEZ) signed a development agreement with Portman Holdings for Districts 6 and 8 of Songdo International City. About 200 executives from related organizations and companies, including Incheon Metropolitan City, the Incheon Free Economic Zone Authority, Portman Holdings, Hyundai Engineering & Construction, Samsung C&T, and SYM, attended the signing ceremony. The agreement is expected to accelerate development of Districts 6 and 8 and help build the foundation for a mixed-use city combining international business, commercial, and residential functions.