His Highness Sheikh Mohammed bin Zayed Al Nahyan, President of the United Arab Emirates (UAE) has recently met a special envoy of South Korea. After this meeting, there has been a new and historic turn in the relations between the two countries. A written message from the President of South Korea was handed over in this meeting held at Kasar Al Bateen in Abu Dhabi. During this period, both the countries have agreed to work on joint projects worth more than $65 billion (approximately Rs 5.4 lakh crore). This agreement is going to bring a big revolution in the field of defence, nuclear energy and future technology.
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Big investment of $35 billion in defense sector
The most important part of this entire deal is for the defense sector. According to reports, a budget of $35 billion has been kept specifically for defense projects. In this, emphasis will be laid on increasing air defense systems, modern aircraft and maritime power. Now the relationship between the two countries will not be just that of ‘buyer and seller’, but they will now work together on designing, production and maintenance of weapons.
To take this cooperation forward, a ‘Defence Industry Cooperation Framework’ has been signed between EDGE Group of UAE and DAPA of South Korea. This means that in the coming times, both the countries together will create the world’s best defense technology.
$30 billion for nuclear energy and business
Apart from defence, the remaining $30 billion will be used to increase trade and investment. The old investment promises have now been transformed into a new framework that will make it easier for Korean companies to expand their business in the Middle East. Along with this, both the countries will also increase cooperation in Barakah Nuclear Power Plant.
The objective is clear to generate enough electricity from nuclear energy that can meet the demand of future AI data centers and new technology. This partnership will open avenues for joint business not only for UAE and Korea, but also in third countries.
Projects and Budget Information:
Sector Budget Amount Details Defense $35 billion Air Defense, Aircraft and Maritime Security Investment $30 billion Expansion of Korean companies and nuclear cooperation Total $65 billion+ Partnership in energy, AI and technology