Yoo Jeh Seung is the ambassador of the Republic of Korea to the UAE
January 11, 2023
This year marks 43 years of diplomatic relations between the UAE and the Republic of Korea. The Emirates has long been a stable and appreciated supplier of the oil South Korea has needed for its industrial development. Likewise, South Korea has provided dedicated assistance to the UAE for the construction of its new state-of-the-art cities in Abu Dhabi and Dubai.
In the history of Korea-UAE relations, the Barakah Nuclear Power Plant project that started in the winter of 2009 and the deployment in the UAE of the Akh Unit of elite South Korean Special Forces in January 2011 carry great significance.
Barakah was the first nuclear power plant that South Korea helped to install abroad. This project was a milestone, as the UAE became the first Arab country to possess a nuclear power plant. The plant’s first and second reactors have already begun commercial operations. Once construction of the third and fourth reactors is completed in 2023 and 2024, the plant will meet 25 per cent of the UAE’s total electricity demand. By that time, Barakah will have significantly contributed to driving the country’s policy to transition energy supply towards hydrogen and other new and renewable sources. A symbol of the robust military co-operation between the UAE and South Korea, the Akh Unit has helped both countries’ troops tirelessly build battle-ready combat capabilities and strong camaraderie.
It is worth reflecting on the meanings of the Arabic words “barakah” and “akh”: “blessing” and “brother”. These two words have long established themselves as bywords that symbolise the two countries’ special relationship. Literally, the UAE and South Korea are standing shoulder to shoulder in the international arena as “blessed brother nations”.
The Barakah Nuclear Power Plant is a joint effort between the UAE and South Korea. Abdullah Al Junaibi
Although we are at the eastern and western edges of Asia, our two peoples’ emotional and cultural bonds transcend time and space
With the Barakah project and the Akh Unit serving as catalysts, our two countries have brought nuclear and military co-operation into full swing over the past decade. These two pillars of bilateral co-operation have been able to shore up remarkable progress in a wide range of areas, including infrastructure, science and technology, health care, space technology and culture.
For example, scientists from both countries pooled their wisdom to build the UAE’s first satellites – DubaiSat-1 and -2 – and researched the technology needed for growing rice in the desert. Top-tier doctors are dedicated to taking care of Emiratis’ health at places such as Sheikh Khalifa Speciality Hospital in Ras Al Khaimah.
Although the two countries are far apart geographically, at the eastern and western edges of Asia, our two peoples’ emotional and cultural bonds transcend time and space. Since the first K-pop concert was held in the UAE in 2011, almost every major K-pop band has visited this country. Last September, a variety of K-pop performances took place in Abu Dhabi’s Etihad Arena. Young Emiratis are such passionate fans that Blackpink opted to launch their New Year world tour route via Abu Dhabi.
And long before K-pop, K-dramas sparked a deep interest in South Korea among Emiratis. Winter Sonata and Dae Jang Geum aired on TV here in 2007. South Korean film festivals have become regular features organised by the Korean Cultural Centre in Abu Dhabi since 2017, and South Korean film screenings are held monthly with great success.
At the King Sejong Institutes, which opened in 2016 in Abu Dhabi and Dubai, the number of students and office workers who want to take Korean language classes is on the rise. In the fall of 2022, United Arab Emirates University students in the Arirang Club there were so inspired by the clarity and soulfulness of the great Korean poet Yoon Dong-ju that they translated and published an anthology of his poems in Arabic.
Clearly, the fact that the people of the UAE have embraced Hallyu – K-Wave – is reflective of the wide appeal of the creativity that Koreans have passed down for generations through songs, dance, dramas, films, food and novels. No country can become an influential nation through economic and military power alone. The vibrant cultural exchanges between our two countries will facilitate and nourish co-operation in numerous fields such as the economy and national defence.
Khaldoon Al Mubarak meets South Korean President Yoon Suk Yeol in Seoul in May. Getty Images
For young South Koreans, the UAE is a country that harnessed its global financial power and abundance of imagination to achieve “the miracle in the desert”. Nearly every South Korean knows the Sheikh Zayed Grand Mosque, Qasr Al Watan, Burj Khalifa and the other landmarks of Abu Dhabi and Dubai. The UAE – a country that overcame the Covid-19 pandemic in an unparalleled manner – successfully hosted the Dubai 2020 Expo from October 2021 to March 2022, presenting a sustainable future for humanity and drawing the world’s attention.
The future belongs to those who hold on to their dreams and prepare accordingly. More than 10 years ago, our two countries’ leaders committed to constructing the Barakah Nuclear Power Plant and deploying the Akh Unit here, which have led to remarkable achievements in various areas. In the same vein, the common prosperity, stability and peace not only of the next decade but for years thereafter will be determined by what strategic vision and programmes our two countries choose to share right now.
From this perspective, President Yoon Suk Yeol’s state visit from January 14-17 brings new expectations and hope. Our two countries have, up to this point, been considered brotherly nations with a special strategic partnership, but now, given the significance of this visit, we see an opportunity to take off for a greater future.
The Arabic word rafiq means “companion”. There is an Arabic proverb: the best thing is something new, but the best friend is an old friend. I am confident that South Korea will become the UAE’s most reliable and lasting partner. Our two leaders share a very similar love for people and inclusivity. I hope that both leaders seize the opportunities provided by these meetings in the new year to usher in a bright future for the next decade and beyond.
Yoo Jeh Seung is the ambassador of the Republic of Korea to the UAE
Dubai Bling season three
Cast: Loujain Adada, Zeina Khoury, Farhana Bodi, Ebraheem Al Samadi, Mona Kattan, and couples Safa & Fahad Siddiqui and DJ Bliss & Danya Mohammed
England's all-time record goalscorers:
Wayne Rooney 53
Bobby Charlton 49
Gary Lineker 48
Jimmy Greaves 44
Michael Owen 40
Tom Finney 30
Nat Lofthouse 30
Alan Shearer 30
Viv Woodward 29
Frank Lampard 29
Peak chart position: No.1 in more than 47 countries, including the United States, the United Kingdom, Australia and Lebanon
Views: 5.3 billion on YouTube
Sales: With 10 million downloads in the US, Despacito became the first Latin single to receive Diamond sales certification
Streams: 1.3 billion combined audio and video by the end of 2017, making it the biggest digital hit of the year.
Awards: 17, including Record of the Year at last year’s prestigious Latin Grammy Awards, as well as five Billboard Music Awards
Benefits of first-time home buyers' scheme
Priority access to new homes from participating developers
Discounts on sales price of off-plan units
Flexible payment plans from developers
Mortgages with better interest rates, faster approval times and reduced fees
DLD registration fee can be paid through banks or credit cards at zero interest rates
Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.
Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.
“Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.
Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.
“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.
Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.
From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.
Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.
BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.
Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.
Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.
“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.
Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.
“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.
“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”
The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”
Christopher Robin
Starring: Ewan McGregor, Haley Atwell, Jim Cummings, Peter Capaldi
Three stars
Evacuations to France hit by controversy
Over 500 Gazans have been evacuated to France since November 2023
Evacuations were paused after a student already in France posted anti-Semitic content and was subsequently expelled to Qatar
The Foreign Ministry launched a review to determine how authorities failed to detect the posts before her entry
Artists and researchers fall under a programme called Pause that began in 2017
It has benefited more than 700 people from 44 countries, including Syria, Turkey, Iran, and Sudan
Since the start of the Gaza war, it has also included 45 Gazan beneficiaries
Unlike students, they are allowed to bring their families to France
Investing success often hinges on discipline and perspective. As markets fluctuate, remember these guiding principles:
Stay invested: Time in the market, not timing the market, is critical to long-term gains.
Rational thinking: Breathe and avoid emotional decision-making; let logic and planning guide your actions.
Strategic patience: Understand why you’re investing and allow time for your strategies to unfold.
Gulf Under 19s final
Dubai College A 50-12 Dubai College B
World record transfers
1. Kylian Mbappe - to Real Madrid in 2017/18 - €180 million (Dh770.4m - if a deal goes through)
2. Paul Pogba - to Manchester United in 2016/17 - €105m
3. Gareth Bale - to Real Madrid in 2013/14 - €101m
4. Cristiano Ronaldo - to Real Madrid in 2009/10 - €94m
5. Gonzalo Higuain - to Juventus in 2016/17 - €90m
6. Neymar - to Barcelona in 2013/14 - €88.2m
7. Romelu Lukaku - to Manchester United in 2017/18 - €84.7m
8. Luis Suarez - to Barcelona in 2014/15 - €81.72m
9. Angel di Maria - to Manchester United in 2014/15 - €75m
10. James Rodriguez - to Real Madrid in 2014/15 - €75m