UAE strengthen relations with Korea to boost energy + economic sectors

The UAE and South Korea have signed two agreements to strengthen co-investments in emerging industries including energy and the circular economy, Wam reports. The first MoU — signed by the Dubai Multi Commodities Center (DMCC) and the Korean Institute of Startup and Entrepreneurship Development (KISED) — aims to introduce UAE startups to the Korean market and vice versa while the second agreement was signed by the Dubai Future District Fund (DFDF) and the Korea Venture Investment Corporation (KVIC) to increase venture investments and expand startup growth. Other sectors of interest to the partnership include entertainment, digital games, blockchain, and non-fungible token (NFT) technologies.

UAE and Korea have history: The Emirates Water and Electricity Company (Ewec) has tapped a consortium comprising France’s EDF and Korea Western Power (Kowepco) to develop the 1.5 GW Al Ajban solar IPP project for an estimated investment ticket of USD 748 mn. The UAE’s Mubadala Investment Company also signed an MoU last December with Korean car making giant Hyundai Motor Company to explore co-investments in mobility and green tech.