President Sheikh Mohamed with South Korean President Yoon Suk Yeol, Sheikh Mansour bin Zayed, Deputy Prime Minister and Minister of the Presidential Court and Lee Chang-yang, South Korean Minister of Trade, Industry and Energy at Barakah Nuclear Energy Plant on Monday. Presidential Court
Sheikh Mohamed with Mr Yoon and other senior officials including Sheikh Hamdan bin Zayed, Ruler’s Representative in Al Dhafra Region. Presidential Court
Sheikh Mansour with Khaldoon Al Mubarak, Abu Dhabi Executive Council Member, Chairman of the Executive Affairs Authority and Managing Director Group CEO of Mubadala Investment Company. Presidential Court
Sheikh Mohamed, Mr Yoon and Sheikh Hamdan bin Zayed tour the plant. Presidential Court
Sheikh Mohamed and Mr Yoon attend a presentation at the plant. Presidential Court
Sheikh Mohamed and Mr Yoon speak with Mohamed Al Hammadi, CEO of Emirates Nuclear Energy Corporation. Presidential Court
Sheikh Mohamed and Mr Yoon during their visit. All subsequent photos: President Sheikh Mohamed / Twitter
Sheikh Mohamed said the power plant was one of the most important projects between the Emirates and South Korea.
The third unit, which was connected to the grid in October last year, has the capacity to deliver up to 1,400 megawatts of emissions-free energy.
Mr Yoon was given a tour of the plant, in the Al Dhafra region of Abu Dhabi, and was shown the progress being made on Unit 4.
Richard Javad Heydarian is a Manila-based academic, columnist and author
June 29, 2023
Months before becoming South Korea’s president, long-time prosecutor and conservative firebrand Yoon Suk Yeol called for a new era in his country’s foreign policy. In an oft-quoted essay for Foreign Affairs magazine last year, he celebrated how his country, once an impoverished and war-stricken nation, is now featuring among the world’s wealthiest and most industrialised nations.
But Mr Yoon also argued that South Korea should “become an even more responsible and respected member of the international community”. He accused the outgoing Moon Jae-in administration, which doggedly prioritised an ill-fated peace deal with North Korea, of being too “parochial and short-sighted” in its conception of “national interest”, thus undermining the country’s global standing. For Mr Yoon, it was time for South Korea to live up to its potential by becoming a “global pivot state”, which is dynamic, assertive and adaptive to “the needs of the 21st century”.
Once in power, Mr Yoon wasted no time to pursue his new vision for South Korea. He hosted the US President Joe Biden, and the two leaders agreed to support a new regional order under the proposed Indo-Pacific Economic Framework. Meanwhile Mr Yoon also became the first South Korean leader to attend a Nato summit, where he touted shared values amid booming defence ties with Europe.
Last year, South Korea’s defence exports, including to Eastern Europe amid the conflict in Ukraine, reached a historic high of $17.3 billion, making it among the largest arms exporters in the world. The sheer breadth of Mr Yoon’s increasingly self-confident foreign policy was fully on display during his first visit to the Middle East, particularly the UAE, where he discussed a series of mega-deals covering defence co-operation, nuclear technology and infrastructure development. In a short space of time, South Korea has transformed from an economic dynamo into a major strategic player across the Indo-Pacific.
South Korean President Moon Jae-in and North Korean leader Kim Jong-un wave during a parade in Pyongyang on September 18, 2018. Pyeongyang Press Corps via Reuters
New rising powers are enhancing bilateral strategic co-operation beyond the dictates of superpowers
To be fair, South Korea’s emergence on the global stage has been long in the making. Following the heavily devastating Korean War in the early 1950s, Seoul pursued an uncompromising policy of national development under a succession of authoritarian leaders.
Thanks to an industrial and trade policy that corralled major conglomerates and suppressed foreign imports, South Korea built an impressive manufacturing base by the 1970s and '80s. This went hand in hand with progressive land reform and the establishment of a world-class education sector.
Even after the country’s transition to democracy in the late-1980s, South Korea’s remarkably successful developmental state remained intact, now shifting into increasingly sophisticated industries. The upshot was the emergence of a technological behemoth and a global manufacturing powerhouse at the dawn of the 21st century.
Nevertheless, successive South Korean administrations, whether conservative or liberal, largely adopted a “non-aligned” foreign policy doctrine. This was primarily due to the country’s acute sense of vulnerability vis-a-vis North Korea, which is still in a state of war with its southern counterpart. But it was also a reflection of Seoul’s commitment to an “economy first” foreign policy approach, which prioritised the maintenance of robust trade and investment ties with all major players.
Under the previous Moon administration, in particular, Seoul had to navigate a testy relationship with the Trump administration, which pushed for a revision of the US-Korea Free Trade Agreement. It also had to avoid confrontation with China, a top trading partner, over its defence co-operation with the US, a treaty ally that advocated for the deployment of advanced missile systems to its bases in South Korea.
What made South Korea strategically diffident on the global stage, however, was the Moon administration’s commitment to pursuing an intra-Korean peace initiative that could end the standoff between North and South once and for all. Despite several summits with the North Korean leader, however, there was no diplomatic breakthrough.
The failure of his liberal predecessor provided an unprecedented opportunity for Mr Yoon to recast his country’s foreign policy. The timing was seemingly perfect. Over the past two decades, South Korea had been building up not only its own military capabilities, but also its defence industry.
By 2022, as Mr Yoon began to take power, leading South Korean defence companies – namely Korea Aerospace Industries Ltd, Hanwha, and LIG Nex1 Co – bagged more than $10 billion in contracts, placing the country among the world’s 10 largest defence exporters. And the country’s warming ties with Nato allies was consistent with Mr Yoon’s call for potential membership in an expanded Quadrilateral Security Dialogue, better known as the “Quad”, power grouping along with India, Australia, Japan and the US.
But the emergence of South Korea as a “global pivot state”, namely an autonomous and confident power with a diverse network of partnerships, was on full display during Mr Yoon’s visit to the UAE, which is famed for its robust relations with all major powers.
Historically, South Korea’s presence in the region had humble beginnings. Back in the 1970s, as many as 200,000 Koreans worked in Iran, which was then undergoing a major construction boom. Over the succeeding decades, Seoul sought to maintain stable ties with all major oil-exporting nations in the Middle East, in large part to secure its own energy security.
In recent years, however, South Korea has experienced a renaissance in its relations with regional states. In fact, bilateral relations are truly multidimensional and reciprocal. To begin with, the UAE alone is the source of up to 10 per cent of South Korea’s crude oil imports, with bilateral trade surpassing $10 billion in recent years.
As Kim Sung-han, South Korea’s director of national security, put it, what made the Yoon visit special was how it helped “strengthen strategic co-operation with our brother country UAE in the four core co-operative sectors of nuclear power, energy, investment and defence”.
The blossoming South Korea-UAE relations reflect a more fundamental shift in the Indo-Pacific geopolitical landscape, as new rising powers enhance bilateral strategic co-operation beyond the dictates of superpowers. After decades of strategic hibernation, South Korea has fully embraced its role as “global pivot state”, now exporting high-tech defence equipment and cutting-edge civilian technology to a whole host of diverse yet likeminded powers around the world.
Timeline
2012-2015
The company offers payments/bribes to win key contracts in the Middle East
May 2017
The UK SFO officially opens investigation into Petrofac’s use of agents, corruption, and potential bribery to secure contracts
September 2021
Petrofac pleads guilty to seven counts of failing to prevent bribery under the UK Bribery Act
October 2021
Court fines Petrofac £77 million for bribery. Former executive receives a two-year suspended sentence
December 2024
Petrofac enters into comprehensive restructuring to strengthen the financial position of the group
May 2025
The High Court of England and Wales approves the company’s restructuring plan
July 2025
The Court of Appeal issues a judgment challenging parts of the restructuring plan
August 2025
Petrofac issues a business update to execute the restructuring and confirms it will appeal the Court of Appeal decision
October 2025
Petrofac loses a major TenneT offshore wind contract worth €13 billion. Holding company files for administration in the UK. Petrofac delisted from the London Stock Exchange
November 2025
180 Petrofac employees laid off in the UAE
UAE currency: the story behind the money in your pockets
Emirates flies from Dubai to Funchal via Lisbon, with a connecting flight with Air Portugal. Economy class returns cost from Dh3,845 return including taxes.
The trip
The WalkMe app can be downloaded from the usual sources. If you don’t fancy doing the trip yourself, then Explore offers an eight-day levada trails tour from Dh3,050, not including flights.
The hotel
There isn’t another hotel anywhere in Madeira that matches the history and luxury of the Belmond Reid's Palace in Funchal. Doubles from Dh1,400 per night including taxes.
Nigel Farage told Reform's annual conference that the party will proscribe the Muslim Brotherhood if he becomes Prime Minister. "We will stop dangerous organisations with links to terrorism operating in our country," he said. "Quite why we've been so gutless about this – both Labour and Conservative – I don't know. “All across the Middle East, countries have banned and proscribed the Muslim Brotherhood as a dangerous organisation. We will do the very same.” It is 10 years since a ground-breaking report into the Muslim Brotherhood by Sir John Jenkins. Among the former diplomat's findings was an assessment that “the use of extreme violence in the pursuit of the perfect Islamic society” has “never been institutionally disowned” by the movement. The prime minister at the time, David Cameron, who commissioned the report, said membership or association with the Muslim Brotherhood was a "possible indicator of extremism" but it would not be banned.
UAE currency: the story behind the money in your pockets
Houthis: Iran-backed rebels who occupy Sanaa and run unrecognised government
Yemeni government: Exiled government in Aden led by eight-member Presidential Leadership Council
Southern Transitional Council: Faction in Yemeni government that seeks autonomy for the south
Habrish 'rebels': Tribal-backed forces feuding with STC over control of oil in government territory
Iraq negotiating over Iran sanctions impact
US sanctions on Iran’s energy industry and exports took effect on Monday, November 5.
Washington issued formal waivers to eight buyers of Iranian oil, allowing them to continue limited imports. Iraq did not receive a waiver.
Iraq’s government is cooperating with the US to contain Iranian influence in the country, and increased Iraqi oil production is helping to make up for Iranian crude that sanctions are blocking from markets, US officials say.
Iraq, the second-biggest producer in the Organization of Petroleum Exporting Countries, pumped last month at a record 4.78 million barrels a day, former Oil Minister Jabbar Al-Luaibi said on Oct. 20. Iraq exported 3.83 million barrels a day last month, according to tanker tracking and data from port agents.
Iraq has been working to restore production at its northern Kirkuk oil field. Kirkuk could add 200,000 barrels a day of oil to Iraq’s total output, Hook said.
The country stopped trucking Kirkuk oil to Iran about three weeks ago, in line with U.S. sanctions, according to four people with knowledge of the matter who asked not to be identified because they aren’t allowed to speak to media.
Oil exports from Iran, OPEC’s third-largest supplier, have slumped since President Donald Trump announced in May that he’d reimpose sanctions. Iran shipped about 1.76 million barrels a day in October out of 3.42 million in total production, data compiled by Bloomberg show.
Benchmark Brent crude fell 47 cents to $72.70 a barrel in London trading at 7:26 a.m. local time. U.S. West Texas Intermediate was 25 cents lower at $62.85 a barrel in New York. WTI held near the lowest level in seven months as concerns of a tightening market eased after the U.S. granted its waivers to buyers of Iranian crude.
UAE currency: the story behind the money in your pockets