South Korean companies to sign $6 bn project deals in UAE

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

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

Governments and companies from the two countries signed a total of 24 memoranda of understanding and agreements at the South Korea-UAE Business Forum held at the Rixos Marina Hotel in Abu Dhabi, according to the South Korean Ministry of Trade, Industry and Energy (MOTIE) on Monday local time.

The forum was attended by South Korean Minister of Industry Lee Chang-yang and UAE ministers of economy as well as energy and infrastructure, along with Samsung Electronics Co. Executive Chairman Jay Y. Lee, Hyundai Motor Group Executive Chairman Eisun Chung, SK Group Chairman Chey Tae-won, Hyosung Group Chairman Cho Hyun-Joon and chairman of Korea International Trade Association Christopher Koo, among others.

Six MOUs were signed in the energy sector. Samsung C&T Corp. partnered with UAE future energy company Masdar to pursue hydrogen and renewable power projects and agreed to work jointly with Abu Dhabi’s national energy company TAQA for a power transmission and gas energy project.

Korea National Oil Corp. and Abu Dhabi National Oil Co. agreed on joint production of low-carbon hydrogen and ammonia. Daehan E&C Co. will provide waste management technology support and build a refuse-derived fuel production facility.

Changwon City, the Korea Automobile Research Institute and the Korea Transport Institute signed two MOUs on hydrogen mobility and infrastructure supply.

Eight MOUs were signed in new industries including bio and metaverse.

Pharmaceutical company Medy-Tox Inc. pledged to establish a bio manufacturing plant 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 Co., LIG Nex1 Co. and K-TEC Ltd. signed two MOUs and one agreement, affirming solid cooperation with the UAE defense industry.

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

Three companies in the smart farm business also signed an MOU while the Korea Trade-Investment Promotion Agency (KOTRA) and the Korea Trade Insurance Corp. agreed to cooperate with the UAE for exports and investments in the Middle East.

The Korea International Trade Association plans to form an economic cooperation committee to discuss cooperation on energy, infrastructure, aerospace, future technology and health and medical care between the two countries.

In the area of nuclear energy and electricity, five South Korean nuclear power plant equipment companies, including UnisonHKR Co. and KHNP-KNP, agreed to pursue an agreement worth $4.6 million.

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

Seven companies in the smart farm business plan to pursue a project worth $450,000. Saefarm, a startup that provides an artificial intelligence solution for growing crops based on satellite imagery, agreed to join the Neom city project with UAE agricultural company Vista Eco Solutions.