close
close

South Korea and the UAE are strengthening ties in business, energy and defense

South Korean President Yoon Suk Yeol will host United Arab Emirates President Sheikh Mohammed bin Zayed Al Nahyan at a summit on Wednesday, with talks expected to focus on business and investment, energy and cooperation in the defense sector . The UAE president will be welcomed by a flypast of air force planes at a ceremony ahead of the summit, as South Korea looks to tap the energy-rich Gulf state’s investment potential.

The summit comes after Yoon’s state visit to Abu Dhabi early last year, when the UAE pledged $30 billion in investments in South Korean companies in areas such as nuclear energy, defense, hydrogen and solar energy. The leaders will attend the signing of agreements and memoranda of understanding after the summit, Yoon’s office said, without giving details.

The two will discuss deepening their “special strategic partnership,” Yoon’s office said in a statement. On Tuesday, Sheikh Mohammed met with the leaders of some of South Korea’s top conglomerates, including Jay Y. Lee of Samsung Electronics, SK Group Chairman Chey Tae-won and Kim Dong-kwan of Hanwha Group, which has emerged as a defense major -contractor.

South Korea has signed a series of global defense equipment contracts as part of plans to become the world’s fourth-largest defense exporter by 2027. Recent agreements include one with Poland, which, as Ukraine’s closest neighbor, wants to strengthen its defense. at war with Russia.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)

Back To Top