Investment Corporation of Dubai ("ICD"), the sovereign wealth fund of the Emirate of Dubai, and the Export-Import Bank of Korea ("KEXIM") have signed a Memorandum of Understanding (MoU) to form an alliance to explore international investment and export finance opportunities across Asia, the Middle East and Africa.
KEXIM is the official trade finance agency of The Republic of Korea with a remit to provide export finance or support international investments in which Korean parties participate.
Commenting on the venture, Mr Lee Duk-Hoon, Chairman and President of KEXIM, stated, "We believe that this partnership provides a fantastic platform to promote and develop new investment opportunities in potentially new markets for mutual benefit, alongside a partner of global standing, with complementary competencies and a congruent investment philosophy".
Korea has a long standing commercial relationship with Dubai, with trade flows now exceeding $10bn in 2013, covering many strategic sectors.
ICD Board Member, Sheikh Ahmed bin Saeed Al Maktoum, stated that, "ICD is very pleased to be entering into this venture with KEXIM, who provide unparalleled connectivity with the Korean business community that includes many global leading companies with proven export credentials, in addition to the financial strength, acumen, discipline and track record to successfully deliver on investment projects".
The alliance spans a broad geographical area ranging from Far East Asia to Africa and is expected to initially be focused on the healthcare, infrastructure and energy sectors, with an ability to be expanded in future.
On the opportunity, Mohammed Al Shaibani, CEO of Investment Corporation of Dubai, commented, "We believe that this alliance, which builds on Dubai's already strong commercial ties with Korea, will enable both ICD and KEXIM to leverage each other's experience and expert capabilities in terms of transaction origination, financing capability and delivery. As partners, we see significant growth in emerging markets and believe that by working together under this alliance we provide a compelling proposition in identifying and making successful investments".
Investment Corporation of Dubai holds a diversified group of assets. ICD's portfolio includes many of the Emirate of Dubai's flagship assets, including renowned companies, such as Emirates Airlines, Emirates National Bank of Dubai, Dubai Islamic Bank, Dubal, Borse Dubai and ENOC.