South Korean firms to sign $6 billion project deal in UAE

Jay Y. Lee (center) and Chey Tae-won (bottom right) at the Korea-UAE Business Forum at the Rixos Marina Hotel in Abu Dhabi [Photo by Yonhap]

During South Korean President Yoon Suk-yeol’s state visit to the United Arab Emirates, major domestic companies and institutions will cooperate with the United Arab Emirates on energy, defense and new industry projects worth $6.1 billion.

A total of 24 memorandums of understanding and agreements were signed between the governments and companies of the two countries at the Korea-UAE Business Forum held at the Rixos Marina hotel in Abu Dhabi on Monday local time, according to South Korea’s Ministry of Trade, Industry and Energy (MOTIE).

The forum was attended by South Korean Minister of Industry Lee Chang-yang and UAE Minister of Economy, Energy and Infrastructure, as well as Samsung Electronics Executive Chairman Lee Jae-yong, Hyundai Motor Group Executive Chairman Chung Ae-soon, SK Group Chairman Chey Tae-won, Hyosung Group Chairman Chairman Cho Hyun-Joon and Christopher Koo, President of Korea International Trade Association, etc.

6 MoUs signed in the field of energy. Samsung C&T has partnered with UAE’s future energy company Masdar on hydrogen and renewable energy projects, and has agreed to cooperate with Abu Dhabi’s national energy company TAQA on power transmission and natural gas energy projects.

Korea National Oil Corporation and ADNOC have agreed to jointly produce low-carbon hydrogen and ammonia. Daehan E&C Co. will provide waste management technical support and construct waste-derived fuel production facilities.

Changwon City, Korea Automotive Research Institute and Korea Transportation Research Institute signed two memorandums of understanding on hydrogen power and infrastructure supply.

Eight MoUs were signed in new industries such as biology and metaverse.

Pharmaceutical company Medy-Tox Inc. committed to building a biomanufacturing facility in the UAE, while cloud service provider Megazone Cloud Corp. agreed to launch integrated digital services in the Middle East.

In the defense industry, Hyundai Heavy Industries, LIG ​​Nex1 Co. and K-TEC Ltd. signed two memorandums of understanding and an agreement, affirming the strong cooperation with the UAE defense industry.

KOTRA agreed to cooperate with the UAE for exports and investments in the Middle East. [Source : KOTRA]

The three companies in the smart farm business also signed a memorandum of understanding, while the Korea Trade-Investment Promotion Agency (KOTRA) and the Korea Trade Insurance Company agreed to cooperate with the UAE in exporting and investing in the Middle East.

The Korea International Trade Association plans to set up an economic cooperation committee to discuss cooperation between the two countries in the fields of energy, infrastructure, aerospace, future technology and health care.

In the nuclear and power sector, five South Korean nuclear plant equipment companies, including UnisonHKR Co. and KHNP-KNP, agreed to pursue a deal worth $4.6 million.

Nine companies in the smart cities space are seeking deals worth $2.5 million, and four companies in the defense and security space, including Hanwha Aerospace Co., are seeking projects worth $3 million.

Seven companies in the smart farm business plan to work on a $450,000 project. Saefarm, a start-up that provides artificial intelligence solutions for growing crops based on satellite imagery, has agreed to join the Neom City project with UAE agricultural company Vista Eco Solutions.

by pulse

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