South Korea’s presidential office announced on Sunday that the United Arab Emirates (UAE) has decided to invest $30 billion in South Korea’s industries in an effort to expand economic cooperation.
According to Yoon’s office, the investment decision was made during Yoon Suk-yeol, President of South Korea, and his UAE counterpart, Sheikh Mohammed bin Zayed al-Nahyan, who was in Abu Dhabi for a four-day state visit.
The UAE president was quoted by Yoon’s office as saying, “We have decided a $30 billion investment based on the trust on South Korea, which keeps promises under any circumstances.”
Yoon’s press secretary, Kim Eun-hye, issued a statement stating that the investment will be directed toward the nuclear power, hydrogen, solar energy, and defense industries, among other sectors.
The $30 billion investment, according to Seoul’s finance ministry, would be led by sovereign wealth funds like Mubadala Investment Company.
The two nations also signed 13 memorandums of understanding at their summit, including a deal for the Abu Dhabi state fund Mubadala and the state-run Korea Development Bank to work together to invest in South Korean businesses.
