Presidential Office: "UAE President's Visit to Korea Postponed... $30 Billion Investment Cooperation Unaffected"

Discovery of $2 Billion Investment Opportunities in 6 Key Sectors
30 Investment Targets Delivered, 20 More in Preparation

The Presidential Office stated on the 12th that the postponement of the visit of Mohammed bin Zayed Al Nahyan, President of the United Arab Emirates (UAE), to Korea will not affect the UAE's $30 billion (approximately 40 trillion won) investment.

Choi Sang-mok, Senior Secretary for Economic Affairs, told reporters at the Yongsan Presidential Office in the afternoon, "There are articles about the postponement of the UAE president's visit today," and made this statement. Our outlet reported in the article [Exclusive] ‘Big Player in K-Defense Industry’ UAE President’s Visit Canceled that the UAE side notified our government of the cancellation of President Mohammed's mid-October visit.

Following the report, some speculated that the $30 billion investment agreement, which was pledged by President Mohammed during President Yoon Suk-yeol’s state visit to the UAE in January this year, might face setbacks. The Presidential Office appears to have quickly moved to clarify the situation.

President Yoon Suk-yeol is entering the Abu Dhabi Presidential Palace on January 15 (local time) for the expanded Korea-UAE summit with UAE President Mohammed bin Zayed Al Nahyan. [Image source=Yonhap News]

Since President Yoon’s visit to the UAE, the UAE sovereign wealth fund Mubadala’s Strategic Investment Partnership (SIP) team and Korea’s Ministry of Strategy and Finance’s Financial Investment Support Group and Korea Development Bank’s UAE Investment Cooperation Center have been conducting two-track consultations. The Ministry of Strategy and Finance is responsible for public investments related to central and local governments, while the Korea Development Bank handles private investments such as corporate investments and financing.

Senior Secretary Choi explained, "The dedicated teams within Mubadala’s SIP team and our Ministry of Strategy and Finance’s Financial Investment Support Group and Korea Development Bank’s UAE Investment Cooperation Center have been holding consultations. The Ministry and KDB teams visited Abu Dhabi and confirmed the UAE’s investment strategies and areas of interest. They also held several video and working meetings."

He added, "Deputy Prime Minister and Minister of Strategy and Finance Choo Kyung-ho held the Korea-UAE Economic Joint Committee meeting in July, and the UAE delegation came in May to conduct various consultations and individual company meetings."

Through these efforts, the two countries jointly selected six priority investment sectors in May: energy, information and communication technology, agricultural technology, biotechnology, aerospace, and cultural content. They also identified potential investment opportunities worth approximately $2 billion, according to Senior Secretary Choi.

Choi said, "Since then, we have delivered an additional 30 proposals and are preparing 20 more. These matters are being decided and discussed through the Ministry of Strategy and Finance, Korea Development Bank, and Mubadala channels regardless of whether the heads of state hold talks."

Meanwhile, regarding the fact that the increase in household debt in September was less than half of that in July and August, Senior Secretary Choi mentioned, "While seasonal factors played a role, it is the result of efforts by related ministries emphasizing the need for strict management of household debt growth."

This content was produced with the assistance of AI translation services.