Masdar City, the Abu Dhabi Government's carbon-neutral development, gained a tenant from Seoul yesterday in a sign of the deepening relationship between the capital and South Korea.
The Global Green Growth Institute (GGGI), created by the South Korean government, opened an office in Abu Dhabi and plans to move into a space in Masdar City once it has been built. The institute has partnered with 10 countries, including the UAE this year, to drive environmentally sustainable economic growth.
"In green growth as well as renewable energy, the UAE is at the forefront," said Han Seung-soo, the institute's chairman, a former South Korean prime minister. "There's a lot of room for us to cooperate in this particular area."
The institute is the latest element in a strategic partnership between the two nations, one with scant natural energy resources and the other rich in fossil fuels. In its relationship with the UAE, South Korea brings healthcare expertise and counter-piracy military training.
But the most prominent aspect of the relationship is a plan for the South Korean utility Kepco to build four nuclear reactors, worth US$20 billion (Dh73.45bn), in Abu Dhabi. In March, the emirate awarded Seoul a stake to develop one or more oilfields with at least 1 billion barrels of reserves, which is expected to boost South Korea's self-sufficiency in oil and gas from 10.5 to 15 per cent.
"We'd like to have a more close relationship in the area of energy, including exploitation of oilfields and gasfields," Mr Han said yesterday.
The new tenant is welcome news for Masdar City, the 6-square-km development planned by Masdar, which has signed up major corporations such as General Electric and Siemens as anchor tenants but faced an uphill struggle amid the economic crisis and rising office vacancy rates in Abu Dhabi.
A GGGI official said the institute had been given favourable terms on rent and that much of the UAE's contribution would go to its own green-energy programme. "Most of the money from the UAE Government will be spent for the sake of the UAE," said the official.
Last year, Kwon Tae-kyun, South Korea's ambassador to the UAE, said the Emirates must offer incentives for South Korean companies to set up here.
"You have to think in the minds of potential investors. You have to induce. You cannot just ask them to come," Mr Kwon said last July. "If the UAE Government puts some money in, we can also put money there."
ayee@thenational.ae
UAE currency: the story behind the money in your pockets
Tips for taking the metro
- set out well ahead of time
- make sure you have at least Dh15 on you Nol card, as there could be big queues for top-up machines
- enter the right cabin. The train may be too busy to move between carriages once you're on
- don't carry too much luggage and tuck it under a seat to make room for fellow passengers
NO OTHER LAND
Director: Basel Adra, Yuval Abraham, Rachel Szor, Hamdan Ballal
Stars: Basel Adra, Yuval Abraham
Rating: 3.5/5
David Haye record
Total fights: 32
Wins: 28
Wins by KO: 26
Losses: 4
The Cairo Statement
1: Commit to countering all types of terrorism and extremism in all their manifestations
2: Denounce violence and the rhetoric of hatred
3: Adhere to the full compliance with the Riyadh accord of 2014 and the subsequent meeting and executive procedures approved in 2014 by the GCC
4: Comply with all recommendations of the Summit between the US and Muslim countries held in May 2017 in Saudi Arabia.
5: Refrain from interfering in the internal affairs of countries and of supporting rogue entities.
6: Carry out the responsibility of all the countries with the international community to counter all manifestations of extremism and terrorism that threaten international peace and security
The White Lotus: Season three
Creator: Mike White
Starring: Walton Goggins, Jason Isaacs, Natasha Rothwell
Rating: 4.5/5
UAE currency: the story behind the money in your pockets
Killing of Qassem Suleimani
Types of policy
Term life insurance: this is the cheapest and most-popular form of life cover. You pay a regular monthly premium for a pre-agreed period, typically anything between five and 25 years, or possibly longer. If you die within that time, the policy will pay a cash lump sum, which is typically tax-free even outside the UAE. If you die after the policy ends, you do not get anything in return. There is no cash-in value at any time. Once you stop paying premiums, cover stops.
Whole-of-life insurance: as its name suggests, this type of life cover is designed to run for the rest of your life. You pay regular monthly premiums and in return, get a guaranteed cash lump sum whenever you die. As a result, premiums are typically much higher than one term life insurance, although they do not usually increase with age. In some cases, you have to keep up premiums for as long as you live, although there may be a cut-off period, say, at age 80 but it can go as high as 95. There are penalties if you don’t last the course and you may get a lot less than you paid in.
Critical illness cover: this pays a cash lump sum if you suffer from a serious illness such as cancer, heart disease or stroke. Some policies cover as many as 50 different illnesses, although cancer triggers by far the most claims. The payout is designed to cover major financial responsibilities such as a mortgage or children’s education fees if you fall ill and are unable to work. It is cost effective to combine it with life insurance, with the policy paying out once if you either die or suffer a serious illness.
Income protection: this pays a replacement income if you fall ill and are unable to continue working. On the best policies, this will continue either until you recover, or reach retirement age. Unlike critical illness cover, policies will typically pay out for stress and musculoskeletal problems such as back trouble.
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