Investment Corporation of Dubai (ICD), principal investment unit of the Government of Dubai, has signed a memorandum of understanding (MoU) with Korea Investment Corporation (KIC), the South Korean sovereign wealth fund, to jointly invest in opportunities worldwide.
The deal will provide a platform which would foster communication between ICD and KIC, as well as help them jointly explore investment opportunities in the United Arab Emirates, South Korea, as well as other countries.
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The platform is also projected to create a framework to promote an ongoing exchange of knowledge and expertise between ICD and KIC on various business processes.
KIC chairman and CEO Hank Ahn said, "Dubai is a global commercial and financial hub as well as an important gateway to emerging markets." He added, "We look forward to exchanging information and jointly finding new investment opportunities alongside such a solid partner."
KIC is mandated to manage public funds entrusted by the Government and the Bank of Korea. ICD helps consolidate and manage the Government of Dubai’s portfolio of commercial companies and investments.
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