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| ▲ Kang Hoon-sik, presidential chief of staff, speaks upon his arrival at Incheon International Airport, west of Seoul, on Feb. 26, 2026, following his trip to the United Arab Emirates as a special envoy for strategic economic cooperation. (Yonhap) |
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| ▲ Kang Hoon-sik (L), President Lee Jae Myung's chief of staff, shakes hands with Khaldoon Khalifa Al Mubarak, chairman of Abu Dhabi's Executive Affairs Authority, during their meeting in Abu Dhabi, the United Arab Emirates, in this photo captured from Kang's Facebook page on Feb. 26, 2026. (PHOTO NOT FOR SALE) (Yonhap) |
S Korea-UAE-cooperation
S. Korea, UAE agree to pursue investment cooperation projects worth over US$65 bln
By Kim Eun-jung
SEOUL, Feb. 26 (Yonhap) -- South Korea and the United Arab Emirates (UAE) have agreed to pursue cooperation projects worth more than US$65 billion, including over $35 billion in the defense industry, to deepen bilateral economic ties, President Lee Jae Myung's top aide said Thursday.
Kang Hoon-sik announced the outcome of his trip to the UAE as a special presidential envoy for strategic economic cooperation, during which he delivered Lee's personal letter to President Mohamed bin Zayed Al Nahyan and held talks with Khaldoon Khalifa Al Mubarak, chairman of Abu Dhabi's Executive Affairs Authority.
"The two countries agreed to jointly pursue projects worth more than $65 billion, including $35 billion in the defense industry and $30 billion in investment cooperation," Kang told reporters upon arriving at Incheon International Airport, west of Seoul.
For defense industry cooperation, the two sides signed a memorandum of understanding on a defense industry cooperation framework to expand collaboration across the sector.
"The agreement marks a shift beyond a simple buyer-seller relationship and toward cooperation across the full defense industry cycle, from design and training to maintenance and repair," Kang said.
When asked about specific areas, Kang said the cooperation would span a broad range of areas -- including integrated air defense, aircraft and naval vessels -- but declined to provide details, citing confidentiality.
The two countries also agreed to restructure bilateral investment cooperation worth $30 billion to better support their strategic partnership.
The new framework is intended to help implement the UAE's $30 billion investment pledge to South Korea while financially backing Korean companies' entry into the Middle Eastern nation and joint expansion into third-country markets, Kang said.
In the nuclear energy sector, the two countries plan to expand full-cycle cooperation based on their experience with the Barakah nuclear power plant in the UAE, including collaboration on nuclear fuel supply, maintenance capabilities and the application of artificial intelligence (AI) technologies to plant operations.
The UAE nuclear power plant, built by the state-run Korea Electric Power Corp, is now fully operational and supplies a quarter of the UAE's electricity.
"The two countries will actively pursue joint entry into third-country markets in this sector as global demand for nuclear power grows amid surging electricity needs for AI and other technologies," Kang said.
South Korea and the UAE will continue consultations on follow-up measures, with Al Mubarak expected to visit South Korea in March or April, according to Kang.
The Korean economic delegation's visit came after Lee and Sheikh Mohamed held summit talks in Abu Dhabi in November and discussed ways to expand cooperation in AI, the defense industry, nuclear energy and other sectors.
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