UAE announces plans to invest $30bn in South Korea

The United Arab Emirates has announced a plan to invest $30 billion in South Korea to strengthen cooperation and economic ties between the countries.

According to sources, UAE President Mohammed bin Zayed Al Nahyan revealed the plans in a meeting with his South Korean counterpart Yoon Seok Yeol.

It was noted that the two sides signed 13 memorandums of understanding, including a declaration on strengthening strategic partnership in the energy sector, a memorandum of understanding on military-industrial cooperation, as well as a joint project in the oil sector.