23 MOUs and 1 contract signed by Korea companies in UAE

Companies from Korea and the United Arab Emirates (UAE) signed business agreements in Abu Dhabi on Monday, during President Yoon Suk Yeol’s four-day state visit.

President Yoon Suk Yeol, left, and UAE President Mohammed bin Zayed Al Nahyan during a luncheon after summit meeting Monday. [YONHAP]

Companies from Korea and the United Arab Emirates (UAE) signed business agreements in Abu Dhabi on Monday, during President Yoon Suk Yeol’s four-day state visit.

The total was an estimated $6.1 billion, according to the Ministry of Trade, Industry and Energy.

The agreements involved memorandum of understandings (MOUs) and a contract for hydrogen, defense, bio and smart farms projects.

Hosted by the Korea International Trade Association (KITA) and Abu Dhabi Chamber, the Korea-UAE Business Forum was held on Monday with about 320 attendees from both countries.

Along with Yoon, Lee Chang-yang, Minister of Trade, Industry and Energy, Chey Tae-won, chairman of SK Group and Korea Chamber of Commerce, KITA Chairman Christopher Koo, and representatives from Korea’s major companies attended the event.

Twenty-three MOUs and one contract were signed during the event.

In energy, Samsung C&T signed two MOUs: one with Masdar for hydrogen and renewables projects, and another with Abu Dhabi National Energy for gas and power transmission system businesses.

State-run Korea National Oil Corporation and Abu Dhabi National Oil Company agreed to pursue a project on low-carbon hydrogen and ammonia production.

Medytox, a Kosdaq-listed pharmaceutical manufacturer, signed an MOU with Dubai Science Park to build a production plant in the country.

Megazone Cloud, a cloud service company, will work with Shorooq Partners, an Abu Dhabi-based venture investment firm, to enter the Middle Eastern market.

Defense MOUs were signed between Hyundai Heavy Industries and Abu Dhabi Ship Building, and also between LIG Nex1 and Tawazun Technology and Innovation. And three MOUs for smart farm construction projects were signed as well.

“This holds significance as it expanded the economic cooperation between the two countries, from the previous focus on energy and defense sectors to across-the-board collaboration in various sectors,” said a Trade Ministry spokesperson.

BY SHIN HA-NEE [shin.hanee@joongang.co.kr]