UAE announces decision to invest $30 billion in South Korea

Sheikh Mohamed meets with Yoon Suk Yeol during a state visit reception at Qasr Al Watan.
Image Credit: UAE Presidential Court

Abu Dhabi: The UAE has decided to invest $30 billion in South Korea’s industries as the two countries seek to expand economic cooperation. The investment decision was announced as South Korea’s President Yoon Suk-yeol met UAE President His Highness Sheikh Mohamed bin Zayed Al Nahyan, in Abu Dhabi during a four-day state visit.

At the invitation of Sheikh Mohamed bin Zayed Al Nahyan, Yoon Suk Yeol conducted a state visit to the UAE from January 14 to 17, 2023.

On January 15, Sheikh Mohamed and Yoon held a summit meeting at Qasr Al Watan in Abu Dhabi. During the summit, the two leaders agreed to deepen and further develop the Special Strategic Partnership between the two countries.

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.

In particular, the two leaders agreed to strengthen strategic cooperation in four key areas: conventional energy and clean energy, peaceful nuclear energy, economy and investment, and defense and defense technology; as well as in other areas of mutual interest including space, emerging industries and culture.

The two leaders also engaged in an in-depth exchange of views on regional and international issues.