Dubai to invest $20 billion in South Korea


Seoul : Dubai plans to invest up to $20 billion in South Korea, the head of the Investment Corporation of Dubai (ICD), Mohammed Al-Shaibani, said during a meeting with South Korean president-elect Lee Myung-bak here, WAM news agency reported Friday.

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Al-Shaibani is now in Seoul to deliver a personal letter from the United Arab Emirates (UAE) Prime Minister Sheikh Mohammed bin Rashid Al Maktoum to Lee congratulating him on his election and expressing his hopes of stronger ties between the two countries.

Lee, a former CEO of Hyundai Construction and Engineering, has pledged to form a “business-friendly” government and boost foreign investment in South Korea. Lee would be inaugurated Feb 25.

“The world has changed greatly since I visited Dubai in the late-70s, and I feel that South Korea has a lot to learn from Dubai,” Lee said.

During his visit, Al-Shaibani also reviewed planned investments projects including the Saemangeum land reclamation plan.

Saemangeum is South Korea’s largest area of tidal flats, based in the North Jeolla Province.

Six overseas funds and companies have so far submitted letters of intent to invest in the Saemangeum and a separate project to construct cross-country waterways.

Lee also called for boosting tourism between the two countries during his meeting with Al-Shaibani.

“We must strengthen economic ties and boost the active exchange of tourists by increasing the number of flights connecting the two countries,” the president-elect said.