Korea Democratic peoples Republic of,Korea Republic of,United Arab Emirates : DUBAI: SWF signed MoU with the official trade finance agency of KOREA to explore investment options jointly
The UAE s sovereign wealth fund Investment Corporation of Dubai (ICD) has accomplished the signing of a memorandum of understanding (MoU) with the Export-Import Bank of Korea (KEXIM) in order to search investment openings in the regions of Asia, the Middle East and Africa in a joint manner.
According to a statement, the newly forged partnership between the ICD and the official trade finance agency of Korea will give its attention on investments across the healthcare, infrastructure and energy sectors in the beginning, but the alliance has expansive scope as well.
The Export-Import Bank of Korea (KEXIM) delivers financial assistance for international investments, if there is any participant from the East Asian nation.
Commenting on the new move, the Chairman and President of KEXIM - Lee Duk-Hoon stated, "We believe that this partnership provides a fantastic platform to promote and develop new investment opportunities in potentially new markets for mutual benefit, alongside a partner of global standing, with complementary competencies and a congruent investment philosophy.
On his part, the member of the ICD Board - Sheikh Ahmed bin Saeed Al Maktoum opined, "ICD is very pleased to be entering into this venture with KEXIM, who provide unparalleled connectivity with the Korean business community that includes many global leading companies with proven export credentials, in addition to the financial strength, acumen, discipline and track record to successfully deliver on investment projects".
The portfolio of the Investment Corporation of Dubai features equity stakes in several of Dubai s corporate giants, such as Emirates NBD, Emaar Properties, Dubai Islamic Bank, Emirates Airline, Emirates National Oil Company, and Dubai Duty Free. Dubai s ruler Sheikh Mohammed bin Rashid Al Maktoum is the Chairman of the Gulf emirate s sovereign wealth fund.
Figures available with the emirate s government have revealed that the mutual trade between Korea and Dubai is now worth almost US$10 billion per annum.
Dubai is a major transportation and logistics hub in the Middle Eastern region.
Arabtec, the No. 1 construction firm of Dubai, forged alliance with Samsung Engineering of Korea in 2013 to set up a major joint venture intended at searching openings in the sectors of oil and gas, power and infrastructure across the Middle East and North Africa region.