Korean president: 'I look forward to taking our strategic partnership to new heights'

South Korean President Moon Jae-in arrived in the Emirates on Saturday for a four-day visit, where he is expected to discuss opportunities in healthcare, science, research, and technology sectors.

It is Mr Moon’s first visit to the Middle East since he was elected last year, and his first overseas trip in 2018.

"I look forward to taking our strategic partnership to new heights and laying solid groundwork to further deepen and advance our future-oriented, comprehensive strategic partnership," Mr Moon said in an interview with state news agency Wam.

The visit would be "an opportunity to boost friendship and co-operation between Korea and the UAE amidst volatile international situations" added the South Korean president.

It is expected to move their relationship beyond its traditional partnership in energy and construction sectors.

“Now is the time for our two nations to establish a new type of initiative for forward-looking co-operation that can drive each other’s growth and advancement beyond the horizon of material economic relations such as energy and construction projects.”

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Ties between UAE and South Korea stretch back almost 40 years

Korea and UAE will be century-long partners, says ambassador

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Discussions over the coming days will explore “concrete and political measures for co-operation” in the various sectors.

His tour will include a visit to the US$18.6 billion (Dh68bn) Barakah nuclear power plant, the first plant South Korea has built abroad. "The fact that the UAE put confidence in Korea, which had no experience in constructing overseas nuclear power plants, and signed a contract with us to build one in Barakah was possible only because there was deep trust between our two countries," Mr Moon said. "Thus, it should be regarded as a symbolic project for bilateral cooperation."

“The Barakah nuclear power plant has been playing its namesake role as a divine blessing in our bilateral relations, indeed. When Korea received the order for building the Barakah nuclear power plant in 2009, our two countries established a strategic partnership and went on to expand and diversify bilateral cooperation not only in conventional areas of collaboration, such as energy and plant construction but also on all fronts, including national defense, healthcare and medical services, culture, government administration and even space exploration.”

On his visit, the president will launch a joint Research and Development Centre at Khalifa University and is expected to discuss satellite development. South Korea made the UAE's first satellites, DubaiSat-1 and DubaiSat-2, and helped develop the first UAE-manufactured satellite, the KhalifaSat, which is in Korea for inspection before launch.

In health care, the countries will develop ties built since a Memorandum of Understanding was signed in 2011. The federal government covers the cost of travel of more than 3,500 Emiratis to Korea for treatment every year. Bringing that expertise closer to home, the federal Sheikh Khalifa Specialty Hospital in Ras Al Khaimah is managed by Seoul National University Hospital and employs about 210 Korean medical professionals.

The visit will "cement friendship and trust" with Sheikh Mohammed bin Zayed, the Crown Prince of Abu Dhabi and Deputy Supreme Commander of the Armed Forces.

“I am aware that there is an Arabic saying, ‘al rafiq qabl al tareeq’ which means ‘to choose a friend who can be a companion before heading out on a journey’," Mr Moon said.

Amid rapid international developments and social changes, it is a very difficult and, at the same time, important task to find a true friend and companion.”

Abu Dhabi racecard

5pm: Maiden (Purebred Arabians); Dh80,000; 1,400m.
5.30pm: Maiden (PA); Dh80,00; 1,400m.
6pm: Sheikh Zayed bin Sultan Al Nahyan National Day Cup (PA); Group 3; Dh500,000; 1,600m.
6.30pm: Sheikh Zayed bin Sultan Al Nahyan National Day Cup (Thoroughbred); Listed; Dh380,000; 1,600m
7pm: Wathba Stallions Cup for Private Owners Handicap (PA); Dh70,000; 1,400m.
7.30pm: Handicap (PA); Dh80,000; 1,600m

Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.

Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.

“Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.

Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.

“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.

Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.

From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.

Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.

BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.

Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.

Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.

“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.

Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.

“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.

“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”

The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”

Company%20Profile

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At a glance

Global events: Much of the UK’s economic woes were blamed on “increased global uncertainty”, which can be interpreted as the economic impact of the Ukraine war and the uncertainty over Donald Trump’s tariffs.

Growth forecasts: Cut for 2025 from 2 per cent to 1 per cent. The OBR watchdog also estimated inflation will average 3.2 per cent this year

Welfare: Universal credit health element cut by 50 per cent and frozen for new claimants, building on cuts to the disability and incapacity bill set out earlier this month

Spending cuts: Overall day-to day-spending across government cut by £6.1bn in 2029-30

Tax evasion: Steps to crack down on tax evasion to raise “£6.5bn per year” for the public purse

Defence: New high-tech weaponry, upgrading HM Naval Base in Portsmouth

Housing: Housebuilding to reach its highest in 40 years, with planning reforms helping generate an extra £3.4bn for public finances

The rules on fostering in the UAE

A foster couple or family must:

be Muslim, Emirati and be residing in the UAE
not be younger than 25 years old
not have been convicted of offences or crimes involving moral turpitude
be free of infectious diseases or psychological and mental disorders
have the ability to support its members and the foster child financially
undertake to treat and raise the child in a proper manner and take care of his or her health and well-being
A single, divorced or widowed Muslim Emirati female, residing in the UAE may apply to foster a child if she is at least 30 years old and able to support the child financially