UAE Considers $2 Billion Investment Focused on Priority Cooperation Areas Including Korean Energy and K-Culture

by Ju Sangdon

Published 22 May.2023 14:13(KST)

The United Arab Emirates (UAE) is considering various investments focusing on priority cooperation sectors with Korea, including energy, information and communication technology, agricultural technology, biotechnology, aerospace, and K-Culture.

On the 22nd, the Ministry of Economy and Finance announced this UAE investment plan through a joint press release.

Earlier in January this year, President Yoon Suk-yeol and Sheikh Mohamed bin Zayed Al Nahyan, President of the UAE and Ruler of Abu Dhabi, agreed to strengthen bilateral cooperation between Korea and the UAE during a summit meeting.

As part of the expanded cooperation, the UAE announced an investment plan in Korea amounting to 30 billion dollars. The state-run Korea Development Bank and Mubadala, Abu Dhabi’s sovereign wealth fund, signed a memorandum of understanding for a bilateral investment partnership and will oversee and coordinate UAE’s investments in Korea.

Since January, the UAE side has invited Korean cooperation agencies, including the Ministry of Economy and Finance and the Korea Development Bank, to Abu Dhabi to discuss cooperation measures. So far, potential investment opportunities worth about 2 billion dollars in Korea are being reviewed.

The economic cooperation between the UAE and Korea has significantly increased over the years. The Ministry of Economy and Finance expects this trend to continue. Non-oil trade between the two countries recorded about 5.3 billion dollars in 2022, a 14% increase from the previous year. UAE’s exports to Korea also rose by more than 17% last year, reaching 781 million dollars.