UAE president visits South Korea with defence and energy on agenda

Korea Aerospace Industries

28/05/2024 10:04

By Jack Kim
       SEOUL, May 28 (Reuters) - United Arab Emirates President
Sheikh Mohammed bin Zayed Al Nahyan arrived in South Korea on
Tuesday, where his plane was met by an honorary escort of four
fighter jets before he landed for his first state visit to
Asia's fourth-biggest economy.    
    Defence industry cooperation, business and investment, and
energy initiatives are on the agenda for a summit scheduled for
Wednesday with President Yoon Suk Yeol of South Korea, which has
become one of the world's biggest arms exporters. 
    The two will discuss deepening their "special strategic
partnership," Yoon's office said in a statement.
    Four F-15K Air Force fighter jets escorted Sheikh Mohamed's
plane as it entered the South Korean defence identification zone
and landed at a military airfield just south of the capital,
Seoul, Yoon's office said.
    Sheikh Mohammed is reciprocating after Yoon's state visit to
Abu Dhabi early last year, when the UAE pledged $30 billion in
investment in South Korean businesses in areas spanning nuclear
power, defence, hydrogen and solar energy. 
    He met on Tuesday the leaders of some of South Korea's top
business conglomerates including Jay Y. Lee of Samsung
Electronics, SK Group's Chey Tae-won and E.S. Chung of Hyundai
Motor Group. 
        South Korea already has deep business ties with the UAE
going back more than a decade, having previously won contracts
to build 
    nuclear reactors
     in the Gulf state. 
  
    The country has also signed massive defence contracts as
part of plans to become the world's fourth-largest defence
exporter by 2027. Recent deals include one with Poland, which is
seeking to bolster its defences as a close neighbour of Ukraine,
which is at war with Russia.
    Earlier this year, South Korea also reached an agreement
with Saudi Arabia to expand defence cooperation with a view to
increase arms sales in the region. 
    South Korea's weapons exports to the Middle East grew nearly
tenfold between 2013 and 2022, according to the Korea Chamber of
Commerce and Industry.
    Market analysts cited the UAE state visit for driving up
South Korean defence stocks on Tuesday, with Hanwha Aerospace
 012450.KS  and LIG Nex1  079550.KS  rising more than 5% and
Korea Aerospace Industries  047810.KS  climbing 7.1%.

 (Reporting by Jack Kim
Editing by Ed Davies)
 ((jack.kim@thomsonreuters.com; +822 6936 1455;))