Members of the business delegation accompanying His Highness Sheikh Mohammed bin Rashid Al Maktoum,VicePresident and Prime Minister of the UAE and Ruler of Dubai, on his two-day visit to South Korea today are keen to forge a stronger economic bond with their counterparts.
Sheikh Tariq bin Faisal Al Qassimi, Chairman of Emirates Investment Group, emphasised the importance of developing a partnership with companies in the field of construction and real estate.
"UAE and South Korea have been trade partners for a long time. But there are only a few South Korean companies investing in UAE's real estate market and vice versa. I believe this visit with help us develop potential partnerships in the realty business that will eventually benefit both the countries," he said.
Hussain Jasim Al Nowais, Chairman and Managing Director of Emirates Holding, said: "South Korea has been a strategic partner of the UAE over the years and we are keen to expand and develop this relationship. And we see a lot of opportunities there." Al Nowais said he personally would be focusing on scouting for partnerships with Korean firms in fields including petrochemicals and consumer goods.
Abduljabbar Al Sayegh, Chairman of Al Sayegh Brothers, said Sheikh Mohammed's presence will lend credibility to the business delegation and further cement business ties.
"South Koreans are becoming a force to reckon with in the manufacturing sector, with quality becoming their benchmark. We could learn more about manufacturing and see whether we could forge ties to transfer some of that technology here," he said.
Al Ghurair Foods Chairman Essa Abdulla Ahmad Al Ghurair too sounded optimistic. "We would be interested in strengthening ties with Korean companies in the petrochemicals, energy and oil refinery equipment business." Al Ghurair said he was looking at buying a stake in a South Korean shipyard, saying ETA Ascon will be launching Dubai Star, a 50,000tonne oil tanker, in South Korea on Tuesday.
South Korea has played a major role in building the UAE's economy, said Khalid Juma Al Majid, ViceChairman of Al Majid Group, adding: "We look to expand our ties with them."
By Parag Deulgaonkar
© Emirates Today 2007
