Investment Corporation of Dubai Signs Memorandum of Understanding on Wide Ranging Collaboration with Korea Investment Corporation
DUBAI, March 3, 2015- In line with its international expansion plans, Investment Corporation of Dubai (ICD), the principal investment arm of the Government of Dubai, has signed a memorandum of understanding (MoU) with Korea Investment Corporation (KIC), the South Korean sovereign wealth fund at the ICD headquarters in Dubai.
The MoU launches a platform that facilitates communication between ICD and KIC, while empowering them to jointly explore investment opportunities in the United Arab Emirates, South Korea, and other countries.
His Excellency Mohammed Al Shaibani, Executive Director and CEO of ICD, signed the MoU with the Chairman and CEO of KIC, Hank Ahn. Among other senior executives from both companies, ICD's Deputy CEO Khalifa Al Daboos and Seunghwan Lee, KIC's Senior Managing Director and Head of Strategic Co-Investments, attended the signing ceremony.
Mr. Hank Ahn expressed KIC's eagerness to collaborate with ICD, stating that, "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."
The platform also provides a framework that promotes an ongoing exchange of knowledge and expertise between ICD and KIC on a wide range of business processes.
On the occasion, H.E. Mohammed Al Shaibani also stated that, "International cooperation agreements and partnerships play a central role in expanding our market presence and expertise locally and abroad. We look forward to collaborating with KIC to further strengthen the well established commercial ties between Dubai and South Korea."
KIC oversees the investments of the Government of South Korea, which cover diverse industries in global markets. Its total assets are estimated to be at USD 72 billion.
About ICD
ICD was established in May 2006 under a mandate to consolidate and manage the Government of Dubai's portfolio of commercial companies and investments; and provide strategic oversight to the portfolio. By way of developing and implementing investment strategy and corporate governance policies with an objective to maximize stakeholder value, for the long-term benefit of the Emirate.
ICD, as the investment arm of the Government of Dubai currently has a portfolio that represents a cross-section of Dubai's most recognised companies, in sectors that the Government of Dubai has deemed to be strategic for the continued development of the Emirate. The sectors include: Financial services, Transportation, Energy and Industrial, Real Estate and Leisure, Retail and other Holdings.
For more information on ICD please visit www.icd.gov.ae
Investment Corporation of Dubai Media Contact
Rania Kana'an
pressenquiries@sabaconsultants.com
About KIC
Korea Investment Corporation ("KIC") was established in July 2005 under the KIC Act. It is mandated to manage public funds entrusted by the Government and the Bank of Korea as Korea's sovereign wealth fund. KIC strives to preserve long-term purchasing power of the assets entrusted and exceed investment target return within justifiable level of the risk through investing well-diversified, foreign-currency denominated assets transacted in the international capital market. For more information about KIC, please visit www.kic.kr
© Press Release 2015
