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Abu Dhabi firms review $2bn investments in South Korea

Lab worker with microscope Unsplash/Lucas Vasques
The UAE delegation visited South Korea to explore business opportunities in sectors including energy and biotechnology

Emirati state-owned firms are currently reviewing $2 billion worth of investment projects in South Korea, the Korean finance ministry said in a statement.

The review follows Korean President Yoon Suk Yeol and UAE President Mohamed bin Zayed Al Nahyan’s meeting in January when the UAE announced investments worth $30 billion in Korea.

The delegation, including officials from four UAE state-owned funds, visited South Korea last week to explore business opportunities in sectors including energy and biotechnology.

Other areas of interest covered communication, agricultural technology, aerospace and “K-culture,” Yonhap News Agency reported, citing the ministry’s joint statement with Korea Development Bank (KDB) and UAE-based Mubadala Investment Company.

“Mubadala and KDB also signed a memorandum of understanding establishing the Korea Sovereign Investment Partnership, which will serve as the mechanism for coordinating the UAE’s collective investment in Korea,” the statement added.

The finance ministry added that large-scale funds will reach South Korean startups and venture companies, noting the investment will help the businesses grow to the next level.

The combined trade between South Korea and the UAE, excluding the oil sector, came to $5.3 billion in 2022, up 14 percent year-on-year.