The UAE promised investments of $30 billion in South Korea, during a summit between the presidents of the two countries in Abu Dhabi, according to South Korean news agency Yonhap.
The UAE President, Mohamed bin Zayed Al Nahyan announced the decision during his meeting with President Yoon Seok-yeol, saying: “We decided to invest with confidence in Korea.”
The Korean president is accompanied on the trip by a business delegation representing about 100 South Korean companies.
The UAE is the only country in the Middle East that has signed a special strategic partnership agreement with South Korea. The relationship between the two countries witnessed a quantum leap in 2009 with the awarding of the Barakah Nuclear Power Plant in Abu Dhabi to the Korean Electric Power Company (KEPCO) to be the main contractor for the project, with a contract worth about $20 billion.
The agreements signed today included: a memorandum of understanding for the strategic investment partnership between the Korea Industry Bank and the “Mubadala” fund, and another for financial cooperation between the Korean Export-Import Bank and the Abu Dhabi Energy Corporation, in addition to cooperation in the strategic defense industry, and a partnership to develop a multi-purpose transport aircraft.
According to the latest official data on the website of the Ministry of Foreign Affairs and International Cooperation, Emirati investments in South Korea since 2020 amounted to about $637 million, concentrated in the oil and gas, real estate, auto equipment, manufacturing, coal and entertainment sectors.
While direct Korean investments in the UAE amounted to about $2 billion through more than 40 South Korean companies in various fields, such as finance, insurance, trade and construction.
Seok-yeol said during a meeting with 150 Korean businessmen residing in Abu Dhabi, that "the UAE, which is preparing for the post-oil era, and Korea, with its innovative ideas and technical skills, are the ideal partners."
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