The United Arab Emirates is set to invest a maximum of $1 billion in South Korean startups via a joint venture, as a part of its mid- to long-term plan to spread $30 billion across strategic sectors including nuclear power, defense and clean energy of Asia’s fourth-largest economy.
Abu Dhabi-based venture capital firm AIM Global Foundation and Seoul-based LB Investment will set up a JV by attracting UAE institutional investors, according to sources familiar with the matter on Tuesday.
The UAE, via its sovereign wealth funds including Mubadala Investment Co., seeks to execute its $30 billion investment plan for Korea. The Middle Eastern country announced the scheme during Korean President Yoon Suk Yeol’s visit to Abu Dhabi in January 2023.
The UAE is set to start investments in Korean startups in earnest as the Middle Eastern country looks to partner with overseas ventures in growth sectors such as smart city, renewable energy and fintech, according to sources.
AIM Global Foundation hosts the Annual Investment Meeting (AIM) Congress in Abu Dhabi, one of the largest investment forums in the Middle East. Supported by UAE’s Ministry of Industry and Advanced Technology, the three-day forum draws around 900 speakers including investors, policymakers and entrepreneurs.
This will add fresh air to the UAE-Korea partnership, which has been long focused on mega-deals for construction and energy projects in the Middle East, sources said.
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