The UAE will invest $30 billion in South Korea’s industries, the East Asian country’s presidential office said on Sunday.
The move is part of both countries’ efforts to expand economic cooperation and was announced by South Korea’s president Yoon Suk-yeol on his visit to Abu Dhabi.
UAE, South Korea strategic partnership
“We have decided a $30 billion investment based on the trust on South Korea which keeps promises under any circumstances,” Yoon’s office quoted UAE President Sheikh Mohammed bin Zayed Al Nahyan.
Details of the investment plan are yet to be disclosed, however Yoon’s press secretary Kim Eun-hye said the investment will focus on nuclear power, defence, hydrogen and solar energy industries, among others, according to a report by Reuters.
“Seoul’s finance ministry said the $30 billion investment would be led by sovereign wealth funds, including Mubadala Investment Company,” the report added.
Following Yoon’s visit, both UAE and South Korea signed 13 memorandums of understanding.
This included an agreement between the state-backed Korea Development Bank and Abu Dhabi’s Mubadala for investments in South Korean companies.
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