Fri, 01 Dec 2023

SEOUL, South Korea: South Korea's presidential office has announced that the United Arab Emirates plans to invest $30 billion in South Korean industries, as part of the efforts of the two countries to expand their economic cooperation.

The announcement came after the four-day visit of South Korea's President Yoon Suk-yeol to the UAE, where he met with President Sheikh Mohammed bin Zayed al-Nahyan in Abu Dhabi.

The President's office quoted Sheikh Mohammed as saying, "We have decided a $30 billion investment based on the trust on South Korea, which keeps promises under any circumstances."

In a statement, Yoon's press secretary, Kim Eun-hye, said the investment will cover vital sectors, such as nuclear power, defense, hydrogen and solar energy industries.

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

The two countries also signed 13 memorandums of understanding, including an investment agreement between state-run Korea Development Bank and Abu Dhabi state fund Mubadala.

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