President Sheikh Mohamed meets Emirati students on the final day of his state visit to South Korea. Photo: Mohamed Al Hammadi / UAE Presidential Court
President Sheikh Mohamed meets Emirati students on the final day of his state visit to South Korea. Photo: Mohamed Al Hammadi / UAE Presidential Court
President Sheikh Mohamed meets Emirati students on the final day of his state visit to South Korea. Photo: Mohamed Al Hammadi / UAE Presidential Court
President Sheikh Mohamed meets Emirati students on the final day of his state visit to South Korea. Photo: Mohamed Al Hammadi / UAE Presidential Court

President Sheikh Mohamed concludes 'important' visit to South Korea


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President Sheikh Mohamed on Wednesday hailed the "important outcomes" of his two-day state visit to South Korea during talks with the country's leader Yoon Suk Yeol.

Sheikh Mohamed met the South Korean President to review the deep-rooted ties between their nations.

The head of state will travel to China for another state visit on Thursday.

Sheikh Mohamed was joined by Sheikha Mariam bint Mohamed, Deputy Chairperson of the Presidential Court for National Projects, for the discussions with Mr Yoon and first lady Kim Keon Hee.

"During the meeting, His Highness and the Korean President engaged in cordial conversation on the depth of relations between the two countries, expressing their satisfaction with the important outcomes of the visit with regard to the future of bilateral ties," state news agency Wam reported.

Sheikh Mohamed expressed his appreciation to the South Korean leader for the warm reception he and his delegation received.

President meets Emirati students

Sheikh Mohamed met Emiratis studying at Korean universities.

He encouraged them to excel in their academic pursuits and use the knowledge they acquire to contribute to the UAE's future development.

He stressed that all Emirati students, whether enrolled at universities at home or abroad, are important to the nation and its leadership.

Sheikh Mohamed said they will have a crucial role to play in UAE-South Korea relations in the years to come and wished them well in their studies.

He said Emiratis should seek to uphold traditions while also driving future development.

"For me, when I ride in a car with an Emirati man or woman, I would want to listen to them talk about nanotechnology, for me to learn, or space or artificial intelligence.

"And when I'm by the sea or in the desert, I would expect them to say they are going to gather firewood to light a fire and make coffee.

"This is the true Emirati. To advance and learn while preserving our traditions and not losing sight of them."

He asked the students, if they were to meet him again after graduating, to remind him they first met in South Korea.

The Emirati students shared their joy at having the opportunity to meet the President.

Colourful reception

Earlier on Wednesday, an official reception was held for Sheikh Mohamed at the Office of the President in Seoul.

It featured several displays by South Korean aircraft, a 21-gun salute and an honour guard formation as the national anthems of both countries were played.

Groups of children performed an Emirati song while others waved the flags of both nations, as Seoul's landmarks were illuminated in the colours of the UAE.

Sheikh Mohamed also met Lee Myung-bak, who served as South Korean president from 2008 to 2013, on the final day of the state visit.

The two men reflected on a history of collaboration between the countries, including constructing the UAE's Barakah Nuclear Energy Plant, the first in the Arab world.

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How to play the stock market recovery in 2021?

If you are looking to build your long-term wealth in 2021 and beyond, the stock market is still the best place to do it as equities powered on despite the pandemic.

Investing in individual stocks is not for everyone and most private investors should stick to mutual funds and ETFs, but there are some thrilling opportunities for those who understand the risks.

Peter Garnry, head of equity strategy at Saxo Bank, says the 20 best-performing US and European stocks have delivered an average return year-to-date of 148 per cent, measured in local currency terms.

Online marketplace Etsy was the best performer with a return of 330.6 per cent, followed by communications software company Sinch (315.4 per cent), online supermarket HelloFresh (232.8 per cent) and fuel cells specialist NEL (191.7 per cent).

Mr Garnry says digital companies benefited from the lockdown, while green energy firms flew as efforts to combat climate change were ramped up, helped in part by the European Union’s green deal. 

Electric car company Tesla would be on the list if it had been part of the S&P 500 Index, but it only joined on December 21. “Tesla has become one of the most valuable companies in the world this year as demand for electric vehicles has grown dramatically,” Mr Garnry says.

By contrast, the 20 worst-performing European stocks fell 54 per cent on average, with European banks hit by the economic fallout from the pandemic, while cruise liners and airline stocks suffered due to travel restrictions.

As demand for energy fell, the oil and gas industry had a tough year, too.

Mr Garnry says the biggest story this year was the “absolute crunch” in so-called value stocks, companies that trade at low valuations compared to their earnings and growth potential.

He says they are “heavily tilted towards financials, miners, energy, utilities and industrials, which have all been hit hard by the Covid-19 pandemic”. “The last year saw these cheap stocks become cheaper and expensive stocks have become more expensive.” 

This has triggered excited talk about the “great value rotation” but Mr Garnry remains sceptical. “We need to see a breakout of interest rates combined with higher inflation before we join the crowd.”

Always remember that past performance is not a guarantee of future returns. Last year’s winners often turn out to be this year’s losers, and vice-versa.

Updated: May 29, 2024, 3:14 PM`