Abu Dhabi Group Visits KDB

Korea Development Bank holds sessions to brief Arab investors on opportunities in Korea

Korea Development Bank (KDB) held a session for the Abu Dhabi Investment Delegation to explain areas in which they can make investments in Korea at the bank's Yeouido headquarters on July 4.
KDB officials explained the investment opportunities in Korea for the investment team from the Middle East by listing the industrial projects to be implemented in Korea. The eight-man investment delegation was led by Chairman Nasser Ahmed Alsowaidi of the Department of Economic Development, Amb. Abdulla Al-Maainah and Chairman Salah Al Shamsi of the Abu Dhabi Chamber of Commerce and Industry, among others.
The KDB officials pointed out as targets for investment Daewoo Shipbuilding, projects related to the Sangam DMC landmark building, the second Yongdong Expressway, and other SOC and infrastructure projects being undertaken around the country, in an effort to attract their investments.
They also invited the investment team to take a good look at the new growth funds for new growth areas and private equity funds being formed by Korean financial firms, as they have good chances to make high profits.
On July 5, the KDB signed an MOU with Abu Dhabi Investment Corp. and Korea Investment and Trade Promotion Agency (KOTRA) on information sharing and mutual cooperation for expanding investment in public projects in Korea through a new business model to be developed later.
The MOU also spells out cooperation among the three signatories on such matters as the exploration of natural resources; setting up funds; project financing; the privatization of public companies and support for M&As among business firms in Korea and the United Arab Emirates; sharing business information on overall business areas; consultations and the joint undertaking of investments; and all other comprehensive areas of businesses.
KDB Gov. Min Euoo-sung said the investment explanation session and tri-partite MOU would go a long way to develop a mutual business model, conducive for expanding Arab investments in Korea.
The Abu Dhabi Department of Economic Development, set up in 2004 with 413 officials and staff, is in charge of vitalizing, supporting and promoting businesses in the private sector. The department also issues commercial licenses and trade name registration and participates in economic and trade seminars held in the country. It also sets up economic and trade policies, aids in the internationalization of Abu Dhabi businesses and pushes technology development.
The Abu Dhabi Chamber of Commerce and Industry is a government organization designed to take charge of such matters as shoring up regulations in the areas of commerce and industry; the development of economy-related projects and their evaluation; shoring up related regulations; the protection of national industries; the promotion of member firms' increasing profits; mediation of commercial conflicts; and providing online services to private businessmen and citizens. It was set up in 1969 and has 186 officials and staff.
In the meantime, KDB signed an MOU with KKR (Kohlberg, Kravis, Roberts & Co., on June 26 on mutual cooperation for attracting foreign investment into Korea at the KDB headquarters in Yeouido, Seoul. Under the MOU, KDB and KKR would set up a joint investment and joint capital investment funds to strengthen their cooperation on investment in Korea and abroad.
KDB Deputy Gov. Cho Hyun-ik said he expects both KDB and KKR will work together for the globalization of Korean private equity funds through diversified joint investments in the future. KKR Asia Representative Joseph Bae said he is proud of the tie up between KKR and KDB, a leading bank in Korea, and would like to see KKR make a great contribution to the growth of the Korean economy through long-term investments.
Established in 1976, KKR is a leading global alternative asset manager. KKR's franchise is sponsoring and managing funds that make investments in private equity, fixed income and other assets in North America, Europe, Asia and the Middle East. Throughout its history, KKR has brought a long-term investment approach, focusing on working in partnership with management teams of its portfolio companies and investing for future competitiveness and growth. nw

Gov. Min Euoo-sung of Korea Development Bank shakes hands with Chairman Nasser Ahmed Alsowaidi of the Dep't of Economic Development of Abu Dhabi at KDB Youido Headquarters.