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Local media: UAE to invest $20 bln in S Korea
    SEOUL, Feb. 15 (Xinhua) — The United Arab Emirates (UAE) is seeking to invest up to 20 billion U.S. dollars in South Korea under the incoming Lee Myung-bak government, South Korea’s Yonhap News Agency reported on Friday.

    According to Yonhap, Mohammed Al-Shaibani, the chief executive officer of the Investment Corporation of Dubai (ICD), claimed to invest in South Korea during his meeting with South Korea’s President-elect Lee Myung-bak in Seoul.

    Al-Shaibani is on his trip to Seoul to deliver a personal letter from UAE Prime Minister and ruler of Dubai Sheikh Mohammed bin Rashid Al Maktoum to Lee, containing a congratulatory message on his winning in the president election and hopes of stronger ties between the two countries, Yonhap said.

    “My country is planning to set up a fund of 20 billion dollars to invest in South Korea,” Al-Shaibani said after Lee asked for more investment from the ICD.     


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