Dubai: 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 the ICD and KIC, while empowering them to jointly explore investment opportunities in the UAE, South Korea, and other countries.

Mohammad 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.

Ahn expressed KIC’s eagerness to collaborate with ICD, saying: “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.

Al Shaibani added: “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 $72 billion (Dh264 billion.)