UAE President Arrives in South Korea, Focusing on Defense, Energy Deals
United Arab Emirates President Mohammed bin Zayed Al Nahyan arrived in South Korea on Tuesday for his first state visit to Asia’s fourth-largest economy. His plane was met by an honorary escort of four F-15K Air Force fighter jets.
Sheikh Mohammed is set to meet with South Korean President Yoon Suk Yeol on Wednesday to discuss defense industry cooperation, business and investment opportunities, and energy initiatives. President Yoon’s office stated that the summit will focus on deepening their “special strategic partnership.”
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The UAE leader’s visit reciprocates Yoon’s state visit to Abu Dhabi last year, during which the UAE pledged $30 billion in investment in South Korean businesses across sectors such as nuclear power, defense, hydrogen, and solar energy.
On Tuesday, Sheikh Mohammed met with leaders 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 has longstanding business ties with the UAE, having secured contracts to build nuclear reactors in the Gulf state over a decade ago.
South Korea aims to become the world’s fourth-largest defense exporter by 2027, having recently signed significant defense contracts with countries like Poland, which seeks to bolster its defenses amid the ongoing conflict between Ukraine and Russia. Earlier this year, South Korea also reached an agreement with Saudi Arabia to expand defense cooperation, increasing arms sales in the region.
According to the Korea Chamber of Commerce and Industry, South Korea’s weapons exports to the Middle East grew nearly tenfold between 2013 and 2022. Market analysts noted that the UAE state visit drove up South Korean defense stocks on Tuesday, with Hanwha Aerospace, LIG Nex1, and Korea Aerospace Industries seeing substantial gains.
