Mubadala signs MoUs with S.Korean firms

The MoUs focus on development of oil and gas resources, automobile manufacturing, iron and steel, science and technology and cooperation in the district cooling sectors.

The MoUs were signed on the sidelines of the one day UAE-Korea Business Forum, which was attended by Abu Dhabi's leading companies and a visiting delegation of top Korean companies.

Speaking to Khaleej Times Waleed Al Mokkarab Al Muhairy, Chief Operating Officer of Mubadala Development Company, said that MOUs would pave the way for the development of joint ventures and formation of business alliances, not only in the UAE and Korea, but also in third countries.

"There are no concrete projects at hand, but after the signing of these four MoU's we have identified the key areas of cooperation on which our technical experts would further work on," Al Muhairy said.

The MoUs were signed between Mubadala Development Company and Korean National Oil Company (KNOC) to develop hydrocarbon resources; Kia Motor Corporation signed an MoU with Mubadala to develop hybrid vehicles and technical cooperation; Posco, a Korean giant will cooperate in the establishment of a mini steel mill project in Abu Dhabi and an MOU was signed between Posco and Science and Development Company of Abu Dhabi.

The Korean minister for commerce, industry and energy, who is leading a high-power business delegation, said that there exists huge potential for cooperation between the business sectors of the both country.

Speaking on the occasion, Khaldoon Khalifa Al Mubarak, Chief Executive Officer of Mubadala, said bilateral relations between UAE and Korea have grown phenomenally during past several years. Terming the relations as strategic, he said headway has been made in relations, by the high profile visits of the political leadership of the two nations.