President Sheikh Mohamed bin Zayed Al Nahyan and the accompanying high-level delegation met two separate business groups, and the Seoul stock market reaction was an indication of how valued the first-ever state trip of the UAE president to the Republic of Korea was.
The benchmark Korea Composite Stock Price Index (KOSPI) closed 0.01 percent down on Tuesday, while the tech-heavy KOSDAQ rose 0.36 percent. However, energy and defence sectors stocks rose, with analysts attributing it to Sheikh Mohamed bin Zayed’s visit.
Defence and space stocks were particularly buoyant, with Korea Aerospace Industries climbing 7.1 percent, and Hanwha Aerospace and LIG Nex1 rising more than 5 percent.
Sheikh Mohammed’s visit comes following South Korean President Yoon Suk Yul’s state visit to Abu Dhabi last year, when the UAE pledged $30 billion in investment in South Korean businesses in areas spanning nuclear power, defence, hydrogen and solar energy.
The UAE President met some of South Korea’s top business conglomerates, including Jay Y Lee of Samsung Electronics, SK Group’s Chey Tae-won and Euisun Chung of Hyundai Motor Group.
Korea is a major partner in UAE’s nuclear programme, with Korea Electric Power Corporation (KEPCO), the country’s single largest public power electric utility, awarded the Prime Contract in 2009 to design, build and help operate UAE’s Barakah Nuclear Energy Plant. The contract was worth $20 billion.
During the meetings with the business groups, Sheikh Mohammed discussed the growing economic, investment, and trade relations between the UAE and the Republic of Korea and that the UAE is keen to attract investments by providing a supportive environment through robust infrastructure and favourable regulations.
The meetings were attended by Sheikh Hamed bin Zayed Al Nahyan; Sheikh Hamdan bin Mohamed bin Zayed Al Nahyan; Sheikh Mohammed bin Hamad bin Tahnoun Al Nahyan, Advisor for Special Affairs at the Presidential Court; Suhail bin Mohammed Al Mazrouei, Minister of Energy and Infrastructure; Dr Sultan bin Ahmed Al Jaber, Minister of Industry and Advanced Technology; Mohamed Hassan Al Suwaidi, Minister of Investment; Dr Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade; Khaldoun Khalifa Al Mubarak, Chairman of the Executive Affairs Authority and Member of Abu Dhabi Executive Council; Sheikh Abdulla bin Mohammed Al Hamed, Chairman of the National Media Office (NMO); and other officials accompanying the President on his visit.
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