UAE expected to offer big energy deals
President Moon Jae-in shakes hands with Khaldoon Khalifa Al Mubarak, chairman of the Executive Affairs Authority of Abu Dhabi, at a hotel in Abu Dhabi, the United Arab Emirates, Sunday / Yonhap
By Kim Rahn
ABU DHABI ― Korean companies may sign contracts for energy development projects worth $25 billion in the United Arab Emirates (UAE), as the government there is planning to give priority to Korea in such areas, according to Cheong Wa Dae, Tuesday.
The Middle Eastern country will also help Korea in its bid for a nuclear power plant project in Saudi Arabia.
Ranking officials of the UAE made such propositions in an earlier meeting with President Moon Jae-in, following orders from the Crown Prince of Abu Dhabi Mohammed bin Zayed Al Nahyan, presidential spokesman Kim Eui-kyeom said.
“In the summit Sunday, the two leaders talked about economic cooperation in a broad sense,” Kim said. “But right after the summit, the crown prince ordered his officials, including Executive Affairs Authority of Abu Dhabi Chairman Khaldoon Khalifa Al Mubarak and Abu Dhabi National Oil Company (ADNOC) CEO Sultan Ahmed Al Jaber, to come up with detailed ways of cooperation. As Moon went to meet the officials later, they talked about such offers.”
The offers have not been given shape in detailed projects, but they said the crown prince ordered them to make sure Korean companies can obtain projects worth such an amount, Kim added.
“They said the two countries' cooperation would be intensified along with the upgraded relations, from a strategic partnership to a special strategic partnership, as agreed by the two leaders,” Kim said.
The $25 billion worth of projects will be in addition to development projects worth $21 billion in which Korean companies are already engaged.
The UAE officials said that the country plans to invite only a limited number of companies for oilfield exploration and development in Abu Dhabi this year, and that the crown prince told them to make sure Korean companies were included.
The UAE also expressed hopes to advance into third countries jointly with Korea in new and renewable energy development. The officials said they are talking with some Korean companies over developing Khalifa Port to more than double the cargo volume handled there, saying the country will invest over $2 billion in the project.
For Korea's bid for a nuclear plant project in Saudi Arabia, the officials said they are telling Saudi Arabian government that they are satisfied with Korea's construction of a nuclear plant in its Barakah region.
“They said they would not hesitate to openly confirm the special cooperative relations with Korea,” Kim said, adding it is meaningful for the crown prince to make such orders in person and decide to make them public.
On Tuesday, Moon also took part in the Korea-UAE Business Forum in Dubai at which 200 government officials and CEOs of the two nations attended.
“We have something in common historically: Korea achieved the Miracle of the Han River and Dubai, the Miracle of the Desert,” he said. “Korea and the UAE, which have complementary economic structures, can become partners that share a vision.”
The president also met Mohammed bin Rashid Al Maktoum, the UAE prime minister and the ruler of Dubai, and agreed to increase cooperation in renewable energy and expand this to more varied areas such as information and communications technology, tourism and culture.
Moon said he hopes Dubai will successfully host the 2020 Dubai Expo, which will be the first Bureau of International Expositions’ registered expo in the Middle East. He said Korea would build a large-sized pavilion there, adding the country will share its knowhow of hosting an expo with Dubai. Korea hosted one in 1993.
The officials said that with Moon’s visit, now is the right time for the two nations to seek reciprocal and practical cooperation. Al Maktoum said Korea is an important partner for Dubai which seeks to become a Middle Eastern hub linking Asia, Africa and Europe.
He also noted a Korean company, Samsung C&T, built the Burj Khalifa, the world’s highest skyscraper which became Dubai’s landmark, saying Korean companies have contributed to Dubai’s economic and social development.