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UAE: Investment Of $30 Billion In South Korea For Renewable Energy | |
| Sumita Pawar |
A report says that, as part of their efforts to increase economic cooperation, the United Arab Emirates has announced that it will invest $30 billion in South Korea’s industries.
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Yoon’s office stated that the investment decision was made by South Korea’s President Yoon Suk-yeol when he met with Sheikh Mohammed bin Zayed al-Nahyan in Abu Dhabi during a four-day-long state visit.
Yoon’s office reported that the UAE president stated, "We have decided to invest $30 billion based on trust in South Korea, which keeps promises under all circumstances."
Although details of the investment plan are not yet known, Yoon’s press secretary, Kim Eun-hye, stated in a statement that the investment would be directed at the nuclear power, defense, solar, and hydrogen industries, as mentioned in the report.
Seoul’s finance ministry stated that the $30 billion investment would come from sovereign wealth funds, which include Mubadala Investment Company.
By Sumita Pawar