- The United Arab Emirates has decided to spend $30B in South Korea's businesses as the two nations work to deepen their economic ties. South Korean President Yoon Suk-yeol met with his UAE counterpart, Sheikh Mohammed bin Zayed al-Nahyan, on a four-day state visit to Abu Dhabi to decide on the investment.
- The $30B investment, according to Seoul's finance ministry, will be spearheaded by sovereign wealth funds, notably Mubadala Investment Company. The investment will target the nuclear, defence, hydrogen, and solar energy industries. The two nations also agreed to cooperate for investment in South Korean businesses by signing 13 memorandums of understanding at their summit, including one between the government-run Korea Development Bank and the state fund Mubadala of Abu Dhabi.
Why it matters
The investment is the highest investment ever made by the UAE in a single nation. The UAE previously invested $12.2B in the UK and has pledged to invest $1.6B in France $5B in China.