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
The Federal Tax Authority will track shisha imports with electronic markers to protect customers and ensure levies have been paid.
Khalid Ali Al Bustani, director of the tax authority, on Sunday said the move is to "prevent tax evasion and support the authority’s tax collection efforts".
The scheme’s first phase, which came into effect on 1st January, 2019, covers all types of imported and domestically produced and distributed cigarettes. As of May 1, importing any type of cigarettes without the digital marks will be prohibited.
He said the latest phase will see imported and locally produced shisha tobacco tracked by the final quarter of this year.
"The FTA also maintains ongoing communication with concerned companies, to help them adapt their systems to meet our requirements and coordinate between all parties involved," he said.
Retirement funds heavily invested in equities at a risky time
Pension funds in growing economies in Asia, Latin America and the Middle East have a sharply higher percentage of assets parked in stocks, just at a time when trade tensions threaten to derail markets.
Retirement money managers in 14 geographies now allocate 40 per cent of their assets to equities, an 8 percentage-point climb over the past five years, according to a Mercer survey released last week that canvassed government, corporate and mandatory pension funds with almost $5 trillion in assets under management. That compares with about 25 per cent for pension funds in Europe.
The escalating trade spat between the US and China has heightened fears that stocks are ripe for a downturn. With tensions mounting and outcomes driven more by politics than economics, the S&P 500 Index will be on course for a “full-scale bear market” without Federal Reserve interest-rate cuts, Citigroup’s global macro strategy team said earlier this week.
The increased allocation to equities by growth-market pension funds has come at the expense of fixed-income investments, which declined 11 percentage points over the five years, according to the survey.
Hong Kong funds have the highest exposure to equities at 66 per cent, although that’s been relatively stable over the period. Japan’s equity allocation jumped 13 percentage points while South Korea’s increased 8 percentage points.
The money managers are also directing a higher portion of their funds to assets outside of their home countries. On average, foreign stocks now account for 49 per cent of respondents’ equity investments, 4 percentage points higher than five years ago, while foreign fixed-income exposure climbed 7 percentage points to 23 per cent. Funds in Japan, South Korea, Malaysia and Taiwan are among those seeking greater diversification in stocks and fixed income.
• Bloomberg
Ain Dubai in numbers
126: The length in metres of the legs supporting the structure
1 football pitch: The length of each permanent spoke is longer than a professional soccer pitch
16 A380 Airbuses: The equivalent weight of the wheel rim.
9,000 tonnes: The amount of steel used to construct the project.
5 tonnes: The weight of each permanent spoke that is holding the wheel rim in place
192: The amount of cable wires used to create the wheel. They measure a distance of 2,4000km in total, the equivalent of the distance between Dubai and Cairo.
Cyber crime - This includes fraud, impersonation, scams and deepfake technology, tactics that are increasingly targeting infrastructure and exploiting human vulnerabilities. Cyber terrorism - Social media platforms are used to spread radical ideologies, misinformation and disinformation, often with the aim of disrupting critical infrastructure such as power grids. Cyber warfare - Shaped by geopolitical tension, hostile actors seek to infiltrate and compromise national infrastructure, using one country’s systems as a springboard to launch attacks on others.
Teachers' pay - what you need to know
Pay varies significantly depending on the school, its rating and the curriculum. Here's a rough guide as of January 2021:
- top end schools tend to pay Dh16,000-17,000 a month - plus a monthly housing allowance of up to Dh6,000. These tend to be British curriculum schools rated 'outstanding' or 'very good', followed by American schools
- average salary across curriculums and skill levels is about Dh10,000, recruiters say
- it is becoming more common for schools to provide accommodation, sometimes in an apartment block with other teachers, rather than hand teachers a cash housing allowance
- some strong performing schools have cut back on salaries since the pandemic began, sometimes offering Dh16,000 including the housing allowance, which reflects the slump in rental costs, and sheer demand for jobs
- maths and science teachers are most in demand and some schools will pay up to Dh3,000 more than other teachers in recognition of their technical skills
- at the other end of the market, teachers in some Indian schools, where fees are lower and competition among applicants is intense, can be paid as low as Dh3,000 per month
- in Indian schools, it has also become common for teachers to share residential accommodation, living in a block with colleagues
