The United Arab Emirates (UAE) has announced a massive $30 billion investment in various industries in South Korea, in an effort to diversify bilateral economic cooperation.
The decision was announced during a meeting between the President of UAE, Sheikh Mohamed bin Zayed Al Nahyan, and the President of South Korea, Yoon Suk-yeol, in Abu Dhabi.
Yoon’s Press Secretary, Kim Eun-hye, stated that the investment will be made in nuclear power, defense, hydrogen, and solar energy sectors, and will be driven by sovereign wealth funds such as UAE’s own Mubadala Investment Company.
During the meeting, both countries also signed 13 Memorandums of Understanding (MoUs), including one between the Korea Development Bank and Mubadala Investment Company.
Earlier, Prime Minister (PM), Shehbaz Sharif, also went on a 2-day visit to UAE, where he met with President Al Nahyan and various stakeholders of the UAE government. In addition, he also met with UAE’s business community to discuss investment prospects in Pakistan.
