On May 28, United Arab Emirates President Sheikh Mohammed bin Zayed Al Nahyan, who was visiting South Korea, held a meeting with 20 prominent local business leaders. While it’s common for leaders of major countries like the U.S. and China to invite a few top executives from large corporations during their visits, this extensive meeting, which included representatives from the entertainment, fashion, and gaming industries, was unprecedented. The business community sees this as an indication that the UAE, aiming to leverage advanced technology as its “future oil” for a new leap forward, is seeking comprehensive cooperation with South Korea.
The 20 business leaders invited to the meeting were selected directly by the UAE Embassy, which contacted each individual personally by phone. This breaks from the usual practice of gathering business leaders through local economic organizations or the Korean government, suggesting that the UAE handpicked companies it wishes to attract investments from. A representative from Musinsa, a fashion company invited to the meeting, said, “I was both surprised and pleased to receive a call a week ago to meet with the UAE President. Although we didn’t discuss specific cooperation plans today, we plan to actively consider and prepare for future requests.”
The business leaders arrived at the Lotte Hotel in Jung-gu, Seoul, starting at 12:30 p.m. Following the guidance of security personnel from both the UAE and the presidential office, they waited in a waiting room on the 16th floor before being escorted to a suite.
The attendees were divided into two groups, each meeting Sheikh Mohammed in the same suite. Nine executives from major corporations had a 50-minute meeting from 1:30 p.m. to 2:20 p.m., while 11 startup leaders were scheduled for a 20-minute session from 2:20 p.m. A business community insider noted that the first meeting started a bit late, resulting in about 40 minutes of actual meeting time.
The first group included Samsung Electronics Chairman Lee Jae-yong, SK Group Chairman Chey Tae-won, Hyundai Motor Group Chairman Chung Eui-sun, GS Group Chairman Huh Tae-soo, CJ Group Chairman Lee Jay-hyun, Hyosung Group Chairman Cho Hyun-joon, Hanwha Vice Chairman Kim Dong-kwan, HD Hyundai Vice Chairman Chung Ki-sun, and LIG Chairman Koo Bon-sang. The second group included HYBE Chairman Bang Si-hyuk, NCSOFT CEO Kim Taek-jin, Dunamu CEO Song Chi-hyung, Kolon Vice Chairman Lee Kyu-ho, Hahn & Company CEO Han Sang-won, IMM Private Equity CEO Lee Hae-jun, and SBVA (formerly SoftBank Ventures) CEO Lee Jun-pyo.
After the meeting, Chung Eui-sun (Hyundai Motor) commented, “Sheikh Mohammed has a great fondness for Korea. He expressed a desire to collaborate on many initiatives and shared many positive remarks.” A high-ranking business community insider stated, “The first meeting was formal, seated with major corporations, while the second was casual, in a standing format.” Business leaders were reportedly given one to two minutes to introduce their companies. Another insider noted, “The sectors represented by the selected companies were diverse, and many of them had no prior cooperation with the UAE, indicating that the UAE is actively seeking investment from Korean companies.”
Some remarked that the event was reminiscent of Saudi Crown Prince Mohammed bin Salman Al Saud’s visit in 2022, during which he met with eight top Korean business leaders. It is rare for foreign leaders, other than Mohammed bin Salman, to meet numerous Korean business leaders during their visits. Mohammed bin Salman also had a meeting in 2019 with the heads of Korea’s five largest groups at Samsung’s guest house, Seungjiwon. In contrast, during his visit in May 2022, U.S. President Joe Biden had a one-on-one meeting only with Chung Eui-sun (Hyundai Motor), who had made significant investments in the U.S. Similarly, Chinese Premier Li Qiang, during his recent visit to Korea, only met separately with Lee Jae-yong (Samsung Electronics).
Korean companies have engaged in extensive cooperation with the UAE in areas such as nuclear power plants, defense, and oil development, and are now exploring new ventures in AI and hydrogen energy. Notable collaborations include the 54 trillion won Barakah nuclear power plant project in 2009 and the 4 trillion won M-SAM2 export contract in 2022. The UAE is South Korea’s 14th largest trading partner and the only Middle Eastern country with a “special strategic partnership” with Korea.
