UAE decides to invest USD30 bn in South Korea

Deals unveiled in hydrogen, water resources, and transport
UAE decides to invest USD30 bn in South Korea
President Sheikh Mohamed and South Korean President Yoon Suk-Yeol (Photo Credit: UAE Presidential Court)

According to the South Korean presidential office, the UAE will invest $30 billion in South Korean industries.

During a four-day state visit to Abu Dhabi, South Korean President Yoon Suk-yeol met with his UAE counterpart, Sheikh Mohammed bin Zayed al-Nahyan, to make the investment decision, according to Yoon’s office.

Read more: UAE investments in Egypt increase by 169% in H1: Data

The UAE president was quoted by Yoon’s office as saying, “We have decided on a $30 billion investment based on the trust in South Korea which keeps promises under any circumstances.”

According to state news agency WAM, the nations unveiled agreements in fields including hydrogen use in cities and its production, transmission, and storage.

A deal on water resources was also announced between the Ministry of Energy and Infrastructure and the South Korean Ministry of Environment.

The UAE Space Agency and South Korea’s Ministry of Science and Information and Communications Technology also agreed to amend a 2017 deal regarding cooperation in space exploration and its use for peaceful purposes.

An agreement regarding cooperation in transport was also exchanged.

There was a deal announced between the Mubadala Investment Company and the Korea Development Bank regarding the “sovereign investment partnership”, and an agreement regarding financial cooperation between Taqa and the Export-Import Bank of Korea, Wam reported.

Agreements were also announced relating to defense, carbon neutrality, and the development of next-generation cargo aircraft.

Moreover, Suk-yeol emphasized the importance of ties between his nation and the UAE, noting that the UAE was an essential energy partner for his country, supplying it with more than 50 percent of its oil imports.

At the same time, he spoke of major efforts to develop clean energy and looked ahead to COP 28, to be hosted by the UAE, in November.

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