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UAE pledges to invest $30bn in South Korea

The investment decision was announced during a meeting between South Korea's President Yoon Suk-yeol and UAE President Sheikh Mohammed bin Zayed Al-Nahyan in Abu Dhabi

The UAE has agreed to invest $30 billion in South Korea’s industries, South Korea’s presidential office said, as the two countries seek to expand economic cooperation.

The investment decision was announced as South Korea’s President Yoon Suk-yeol met his UAE counterpart, Sheikh Mohammed bin Zayed Al-Nahyan, in Abu Dhabi during a four-day state visit, Yoon’s office said.

“We have decided a $30 billion investment based on the trust on South Korea which keeps promises under any circumstances,” Yoon’s office quoted the UAE president as saying.

Details of the investment plan were not immediately known but Yoon’s press secretary, Kim Eun-hye, said in a statement the investment will be directed at nuclear power, defence, hydrogen and solar energy industries, among others.

Seoul’s finance ministry said the $30 billion investment would be led by sovereign wealth funds, including Mubadala Investment Company.

At their summit, the two countries also signed 13 memorandums of understanding, including an agreement between the state-run Korea Development Bank and Mubadala to cooperate for investment in South Korean companies.