UAE’s sovereign funds to invest $30 billion in South Korea

President Yoon Suk-yeol (left) holds a summit with UAE President Mohamed bin Zayed Al Nahyan in Abu Dhabi

ABU DHABI – The United Arab Emirates will invest $30 billion in South Korea across strategic sectors, including the nuclear power, defense, hydrogen and energy businesses.

The investment will be led by the UAE’s sovereign wealth funds, including Mubadala Investment Co., Korea’s presidential office and its finance ministry said.

The announcement came during a summit on Sunday between Korean President Yoon Suk-yeol and UAE President Mohammed bin Zayed Al-Nayhan at the Qasr Al Watan presidential palace in Abu Dhabi.

Yoon is on a four-day state visit to the Middle Eastern country – the first such visit by a South Korean leader since the two countries established diplomatic ties in 1980.

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

Details of the investment, including the timeframe, weren’t known, but a Korean presidential official said the investment will be directed at the nuclear power, defense, hydrogen and solar energy industries as well as cultural and personnel exchanges.

SK Group Chairman Chey Tae-won (left, standing) signs a business cooperation MOU during President Yoon Suk Yeol’s state visit to the UAE

President Yoon’s UAE trip was accompanied by a business delegation of some 100 Korean companies and top business executives, including Samsung Electronics Co.’s Jay Y. Lee, Hyundai Motor Co.’s Chung Euisun and SK Inc.’s Chey Tae-won.

Following an extended summit with business leaders in attendance, both sides signed 13 memorandums of understanding, including one between the state-run Korea Development Bank and the Abu Dhabi state fund Mubadala to cooperate for investment in Korean companies.

Mubadala has also agreed with SK Group to jointly…

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