Skip to content Skip to Search
Skip navigation

Abu Dhabi firms review $2bn investments in South Korea

By Pramod Kumar
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.

Latest articles

People, Person, Adult

Dubai unveils master plan for pedestrian-friendly city

Dubai has ambitions to transform into a pedestrian-friendly city, including a 6,500 km network of walkways across 160 areas of the emirate. The Dubai Walk master plan, unveiled by Dubai Ruler Sheikh Mohammed bin Rashid Al Maktoum, will feature uninterrupted pathways and expanded green spaces. The plan includes constructing 3,300 km of new walkways and […]

Property app Stake says it is close to acquiring a fully-rented mall and a 140-apartment tower in Riyadh

Property app Stake to launch in Saudi Arabia

A fractional-ownership platform that enables investors to own parcels of real estate for as little as SAR500 ($134) is to launch in Saudi Arabia on December 9.  Based in Dubai, Stake offers investors the opportunity to buy parts of residential and commercial properties.  Fractional property ownership is a rising trend in the global real estate market. […]

Saudi date drink cola Milaf

‘World first’ date soft drink launched by PIF subsidiary

A soft drink made from dates has been launched by Al Madinah Heritage Company, a subsidiary of Saudi Arabia’s Public Investment Fund. Milaf Cola, which is claimed to be the world’s first commercial soft drink made from dates, uses only premium fruit and contains no added sugar.  Dates have historically been used in Middle Eastern beverages […]

Uber and WeRide launch autonomous mobility service in Abu Dhabi

Uber launches driverless operations in Abu Dhabi

Ride-hailing giant Uber Technologies and Chinese autonomous vehicle tech company WeRide have launched a commercial driverless taxi service in Abu Dhabi. The service, available on the Uber platform, will be available for trips on Saadiyat Island, Yas Island and routes to and from Zayed International Airport, with plans to expand the operating territory in the […]