Abu Dhabi 'shakes hands with Korea'

06/11/2009 - Dubai Property News
Abu Dhabi 'shakes hands with Korea'

Posted by Neil King

Those with property in the UAE may be encouraged by recent developments in the region, linking an emirate to elsewhere in the world.

Korea and Abu Dhabi have decided to come together to work on boosting bilateral prospects in the countries.

Young-Geol Lee, Korea's vice-minister for strategy and finance, said: "However the size of bilateral investment is 'insignificant' … which needs to be boosted the bilateral investment does not reflect the growing economic relations."

He added that Korea has already put $380 million into the UAE and he urged other investors in the emirates to come forward and join the country in its four-year plan to allocate $850 billion for green expansion.

Mr Lee stated that the monetary speculation is essential in order for combating climate problems alongside working towards a stable economy.

The agreement means that Korea will comply with the Abu Dhabi Investment Authority (ADIA).

Abu Dhabi's ADIA has been in existence for around 30 years and seeks to secure the future prosperity of the emirate.