UAE sees big potential for investments in South Korea: UAE organizations have identified USD 2 bn worth of investments in projects in key sectors in South Korea, Yonhap News Agency reported on Monday, citing a statement from South Korea’s Finance Ministry. The potential investments come days after a delegation of officials from four UAE-state owned funds visited South Korea last week to explore potential investments in various sectors, including energy and biotechnology. Other fields of interest include communication, agricultural technology, aerospace and “K-Culture,” the ministry was quoted as saying in a joint statement with Korea Development Bank (KDB) and Abu Dhabi state fund Mubadala Investment.

Details are still scant: Both Mubadala and KDB signed a MoU to set up the Korea Sovereign Investment Partnership, which will serve as a mechanism to coordinate the potential investments in the Asian country. The new agreements come months after UAE pledged in January USD 30 bn in South Korea, with hydrogen, solar energy and nuclear power being among the priority areas. The statement did not provide details on which projects and investments are being targeted.

OTHER STORIES WORTH KNOWING ABOUT THIS MORNING-

• Saudi Arabia’s Mining Minister Bandar Al Khorayef met with China’s Communist Party Secretary for the Ningxia region to discuss expanding partnership in the mining sector. Although China itself is not rich in rare minerals, it still controls 41% of the world’s cobalt and 28% of its lithium — the main ingredients for EV batteries — through the purchase of mines around the world. (Saudi Press Agency)
• The UAE International Investors Council has signed an MoU with the Egyptian-Emirati Business Council to capitalize on potential investments in green projects and recycling. (Wam)
• China’s Sungrow is supplying Saudi Arabia’s 2.66 GW Al Shuaibah solar plant — to be built, owned, and operated by Acwa Power and the sovereign fund’s Badeel — with 2.1 GW inverters. The plant is set to be inaugurated in 2025 and will be the largest in the world. (Statement)