The Lee Jae-myung administration will pursue $65 billion (approximately 92 trillion won) in cooperative projects with the United Arab Emirates across defense, nuclear power, and artificial intelligence industries. This follows earlier mutual visits between the two countries that established a framework for comprehensive cooperation, with specific projects now being detailed by sector. The partnership is expected to boost Korean companies' prospects for contracts in the Middle East, including UAE, by establishing cooperation frameworks spanning the full lifecycle of each industry.
Presidential Chief of Staff Kang Hoon-sik returned to South Korea through Incheon International Airport on the 26th after completing his mission as special envoy for strategic economic cooperation in the UAE, announcing the $65 billion cooperation plan. "I led a delegation including officials from the Ministry of Science and ICT, Ministry of Foreign Affairs, and Ministry of Trade, Industry and Energy to discuss ways to expand bilateral economic cooperation," Kang said. "Through in-depth discussions at the highest levels, both countries agreed to jointly pursue projects worth more than $65 billion."
The Blue House cited "defense cooperation worth more than $35 billion" as the mission's greatest achievement. The two countries agreed to expand cooperation across the defense sector, including integrated air defense weapons, advanced aviation capabilities, and naval forces.
The government has been working to finalize defense cooperation projects with the UAE. With many Middle Eastern countries' weapons systems aging and requiring large-scale replacement, this represents a critical opportunity for Korea to expand its presence in the regional market.
During President Lee Jae-myung's state visit to the UAE in November last year, the two sides discussed $15 billion in defense cooperation—a figure that has more than doubled in this latest agreement. Notably, the partnership goes beyond simple weapons transactions to encompass the full defense lifecycle, from design to training and maintenance. "We signed a 'Defense Cooperation Framework MOU' containing these cooperation principles," Kang said. "We will steadfastly work to ensure this MOU leads to final contracts that maximize the national interests of both countries."
The $30 billion investment cooperation agreement has been restructured with specific sectors and details. Beyond implementing UAE President Mohamed bin Zayed Al Nahyan's original $30 billion investment commitment, the two countries newly discussed ways to jointly enter third-country markets. "After coordinating the details, we agreed to sign a new investment cooperation MOU at the upcoming summit," Kang explained. "We will announce the specifics in May."
In nuclear power, the two sides agreed to strengthen discussions on nuclear fuel supply, maintenance capability enhancement, and AI technology integration projects. Recognizing that the global nuclear power market is expanding due to AI-driven electricity demand growth, they also agreed to adopt a "joint market entry strategy roadmap" at their next summit. Additionally, they plan to accelerate working-level consultations in AI, advanced technology, culture, education, and healthcare.
With Chief of Staff Kang personally delivering President Lee's letter inviting President Mohamed to visit South Korea, observers expect a bilateral summit to take place soon. The two countries also plan to establish and operate sector-specific working groups on a biweekly basis. Abu Dhabi Executive Council Chairman Khaldoon Khalifa Al Mubarak is scheduled to visit Korea again in March or April to review progress. During his visit to Korea last month, Chairman Khaldoon discussed joint entry into third-country defense markets, the "Stargate Project" for AI data center construction, and expanding K-culture markets with President Lee. Chief of Staff Kang departed for the UAE on the 24th as President Lee's special envoy for strategic economic cooperation.