UAE has decided to invest $30 billion in South Korean industries, the investment is part of efforts of both countries to expand economic cooperation, the South Korean presidential office announced on Sunday.
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,” South Korea’s presidential office said. The investment announcement comes at a time when the two countries seek to expand economic cooperation.
Although details of the investment plan are not yet known, Yoon’s press secretary Kim Eun-hye stated in a statement that the investment would be directed at the nuclear power, defense, solar, and hydrogen industries.
Seoul’s finance ministry stated that the $30 billion investment would come from sovereign wealth funds, which include Mubadala Investment Company.
At their summit, 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 May 2022, Mubadala Investment Company signed a preliminary agreement with French utility Engie for the development of a digital platform to charge electric vehicles in the UAE and across the Middle East. The two companies would also explore areas related to sustainable mobility.
