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

Seoul's finance ministry said the $30 billion investment would be led by sovereign wealth funds, including Mubadala Investment Company

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By Reuters

Published: Mon 16 Jan 2023, 12:06 AM

The United Arab Emirates (UAE) has decided to invest $30 billion in South Korea's industries, South Korea's presidential office said on Sunday, as the two countries seek to expand economic cooperation.

The investment decision was announced as South Korea's President Yoon Suk-yeol met the UAE President, His Highness Sheikh Mohamed bin Zayed Al Nahyan, in Abu Dhabi during a four-day state visit, Yoon's office said.

Details of the investment plan were not immediately known but Yoon's press secretary, Kim Eun-hye, said in a statement the investment will be directed at nuclear power, defence, hydrogen and solar energy industries, among others.

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Seoul's finance ministry said the $30 billion investment would be led by sovereign wealth funds, including 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.

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Reuters

Published: Mon 16 Jan 2023, 12:06 AM

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