Korea Investment Corp will invest $50m in an infrastructure fund run by Mubadala Development Co, the investment arm of the Abu Dhabi government, South Korea’s sovereign wealth fund said.
The fund, which will be managed by Mubadala Infrastructure Partners, aims to secure about $500m in investments by the end of the first quarter, 2011, and will primarily focus on infrastructure investments in the Middle East, North Africa and Turkey.
KIC chief executive Chin Young-wook said the firm will look to collaborate with other sovereign wealth funds.
KIC, which is charged with managing some of the country's foreign exchange reserves and invests only in overseas markets using foreign currency, manages more than $30bn in assets.For all the latest banking and finance news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.
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