The United Arab Emirates (UAE) has decided to invest $30 billion in South Korea’s industries across sectors such as next-generation nuclear power, energy technologies and defense, South Korea’s presidential office said on Sunday.
The investment decision was announced after South Korean President Yoon Suk-yeol met his UAE counterpart, Sheikh Mohammed bin Zayed al-Nahyan, in Abu Dhabi during a four-day state visit. The figure is the largest-ever cross-border investment made by the UAE, surpassing its previous record of $12.2 billion for the United Kingdom.
The countries also signed 13 memorandums of understanding (MoUs), 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.
On Tuesday, South Korea and the United Arab Emirates agreed to $6.1 billion worth of cooperation on energy, defense and new industry businesses, said Seoul officials. A total of 23 MoUs and a contract were signed between the two countries. Samsung C&T Corp., the construction unit of Samsung Group, signed an agreement with UAE renewable energy firm Masdar on cooperation for hydrogen and new renewable energy, and a separate MoU with Abu Dhabi National Energy Co. on cooperation for power transmission and gas power generation. For the arms industry, Hyundai Heavy Industries Co., LIG Nex1 Co. and Ktech Co. signed two memorandums and one contract with the UAE.