The presidential administration of the East Asian nation stated on that the UAE will spend $30 billion in South Korea’s industries.Yoon Suk-yeol, the president of South Korea, made the announcement while on a visit to Abu Dhabi. The action is a part of both nations’ efforts to increase economic relations.
UAE and South Korea’s strategic alliance
According to Sheikh Mohammed bin Zayed Al Nahyan, president of the UAE, “We have determined a $30 billion investment based on the faith on South Korea which maintains pledges under any conditions,” according to Yoon’s office.
The investment will concentrate on the nuclear power, defence, hydrogen, and solar energy industries, among others, according to Yoon’s press secretary Kim Eun-hye, according to a Reuters story. The specifics of the investment plan have not yet been made public.
According to Seoul’s finance ministry, sovereign wealth funds, notably Mubadala Investment Company, would lead the $30 billion investment.Following Yoon’s visit, 13 memorandums of agreement were signed between the UAE and South Korea.
This featured a deal for investments in South Korean businesses between the Mubadala of Abu Dhabi and the Korea Development Bank, which is supported by the government.