Monday, June 24, 2024
Today's News
Monday, June 24, 2024
Today's News

UAE pledges to invest $30 billion in South Korea, president’s office says

UAE pledges to invest $30 billion in South Korea, president's office says

The United Arab Emirates (UAE) has decided to spend $30 billion in South Korea’s sectors, South Korea’s governmental workplace claimed on Sunday, as the two countries seek to increase economic collaboration.

The investment choice was revealed as South Korea’s Head of state Yoon Suk-yeol met his UAE equivalent, Sheikh Mohammed bin Zayed al-Nahyan, in Abu Dhabi throughout a four-day state visit, Yoon’s office stated.

“We have chosen a $30 billion investment based on the trust fund on South Korea which maintains guarantees under any type of scenarios,” Yoon’s office priced estimate the UAE head of state as claiming.

Details of the investment strategy were not promptly understood but Yoon’s press assistant, Kim Eun-hye, said in a declaration the investment will be guided at nuclear power, defence, hydrogen and solar energy industries, among others.

Seoul’s financing ministry said the $30 billion investment would certainly be led by sovereign wealth funds, consisting of Mubadala Investment firm.

At their summit, both countries also signed 13 memorandums of understanding, including an arrangement in between the state-run Korea Development Financial institution as well as the Abu Dhabi state fund Mubadala to work together for investment in South Oriental firms.

Last Updated:  15 January 2023

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