South Korea’s presidential office said on Sunday that the United Arab Emirates (UAE) plans to invest $30 billion in South Korea’s industries. The investment decision was announced as South Korea’s President Yoon Suk-yeol met his UAE counterpart, Sheikh Mohammed bin Zayed al-Nahyan, in Abu Dhabi during a four-day state visit, Yoon’s office said.
“We have decided a $30 billion investment based on the trust on South Korea which keeps promises under any circumstances,” Yoon’s office quoted the UAE president as saying.
As the two countries seek to expand economic cooperation, Yoon’s press secretary, Kim Eun-hye, said in a statement that the investment will be directed at nuclear power, defence, hydrogen and solar energy industries, among others. Seoul’s finance ministry said the $30 billion investment would be led by sovereign wealth funds, including Mubadala Investment Company.
During the visit, the two countries also signed 13 memorandums of understanding, including an agreement between the state-run Korea Development Bank and the Abu Dhabi state fund Mubadala to cooperate for investment in South Korean companies.