UAE and Korea Aim to Strengthen their $5.3 Billion Trade Relations
The United Arab Emirates and South Korea are set to expand their substantial trade relations.
3 min
In an ongoing effort to enhance their robust economic connections, the United Arab Emirates and South Korea are focusing on expanding their already significant trade ties, which currently stand at $5.3 billion.
This initiative was highlighted during the recent UAE-Korea Business and Investment Forum in Seoul, which coincided with the state visit of UAE President Sheikh Mohamed bin Zayed Al Nahyan.
Forum Highlights and Delegation Insights
The forum, held on the sidelines of President Sheikh Mohamed’s visit, concluded on Tuesday. It was attended by prominent figures including Dr. Thani bin Ahmed Al Zeyoudi, the UAE Minister of State for Foreign Trade. The event saw participation from an array of Emirati public and private sector leaders, reflecting a strong interest in deepening bilateral relations.
Strategic Economic Collaboration
Organized by the UAE’s Ministries of Investment and Economy, in collaboration with the UAE Embassy in Seoul and Korea’s Ministry of Trade, Industry and Energy, the forum focused on fostering trade and commercial ties. Key sectors under discussion included energy, ICT, logistics, and manufacturing, which are identified as high-growth areas for both nations.
Dr. Al Zeyoudi expressed optimism about the growth of economic ties across all major sectors, driven by the joint leadership vision of both countries. He emphasized the shared goals of promoting an open, rules-based trade environment and making strategic investments in technology.
He said: “With an advanced, digitized economy, attractive business ecosystem and world-leading manufacturing sector, Korea is a hugely important trade and investment partner for the UAE as we seek to secure a new era of growth.
“The UAE-Korea Business and Investment Forum will serve to enhance bilateral ties by promoting bilateral trade, facilitating two-way FDI, and enhancing collaboration across a range of economic sectors, including energy, advanced manufacturing, technology, food security and healthcare”.
Further cementing the ties, Dr. Al Zeyoudi invited private sectors in both countries to exploit the economic synergies available, such as superior logistics infrastructure, connectivity, ease of doing business, and specialized free zones.
He also noted the UAE’s recent $30 billion investment in Korea and the success of the Korean-built Barakah nuclear power plant in Abu Dhabi as milestones in the growing economic integration between the two nations.
InKyo Cheong, Korea’s Minister for Trade, said: “The Business Forum provides an important platform for business leaders from both countries to share insights, experiences, and objectives. It allows our private sectors to discover new opportunities for investment and cooperation and expand and strengthen economic cooperation between our two countries.
“Our government will continue to support these endeavors and work to ensure that bilateral relations produce tangible results long into the future.”
Abdulla Mohammed Al Mazrouei, Chairman of the Federation of the Chambers of Commerce and Industry, reflected on the strategic partnership saying: “The UAE and the Republic of Korea have developed a remarkable strategic partnership, fueled by closely aligned development ambitions that place knowledge and innovation at the heart of our futures, with investment in education and human resources a key priority.
“This is reflected in both increasing trade volumes and the increase in bilateral investment flows, which now span a diverse set of economic sectors, including metals, manufacturing, logistics, and information and communications technology. We look forward to expanding economic cooperation and further strengthening what is already a robust relationship.”
The discussions between Dr. Al Zeyoudi and Korean Trade Minister Inkyo Cheong in Seoul focused on strategies to expand upon the substantial non-oil trade achievements of 2023. Their conversation aimed to maintain and improve these trade levels in future years.
Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’
Americans now think they need at least $1.25 million for retirement, a 20% increase from a year ago, according to a survey by Northwestern Mutual
The agreement offers innovative and customer-centric solutions to CBD cardholders across all segments
3 min
Commercial Bank of Dubai (CBD), one of the leading banks in the United Arab Emirates, has announced an exclusive multi-year strategic partnership with Visa, a global leader in digital payments, for credit and debit cards. This partnership aims to enhance digital payment adoption in the UAE, offering innovative and customer-centric solutions to CBD cardholders across all segments.
The agreement was signed by Khaled Al Hammadi, General Manager of the Personal Banking Group at CBD, and Salima Gutieva, Visa’s Vice President and Country Manager for the UAE.
The signing ceremony was attended by Dr. Bernd van Linder, CEO of Commercial Bank of Dubai, and Andrew Torre, Visa’s Regional President for Central and Eastern Europe, the Middle East, and Africa.
As part of this partnership, CBD and Visa are also partnering to establish a ‘Centre of Excellence’ powered by Visa Consulting and Analytics (VCA), dedicated to accelerating and simplifying customer’s payment experiences. By leveraging core data assets and deriving insights, VCA will formulate actionable recommendations that aim to address business challenges and offer personalized solutions to customers. This collaborative approach will support CBD’s goals of market expansion, product design, customer acquisition, and engagement improvement, focusing on areas such as encouraging card usage through engaging and rewarding gamification, positioning CBD Visa cards as the top choice in digital wallets, enhancing cross-border transactions and payment speed, and expanding our footprint through strategic digital merchant collaborations.
Moreover, CBD and Visa are redefining the marketing landscape for the CBD card business through initiatives such as leveraging advanced technology to enhance digital customer onboarding experiences, sponsoring high-profile events like the Olympics, launching the Visa Instalment Solution in the UAE to introduce flexible payment options for our customers directly through Point-of-Sale (POS) machines, and offering comprehensive local and international benefits, focusing on the complete lifecycle of new and existing CBD Visa cardholders.
Dr. Bernd van Linder, Chief Executive Officer, Commercial Bank of Dubai, said, “We are excited to build on our partnership with Visa as we continue our mission in providing innovative and customer-centric payment solutions. The financial sector landscape is changing dramatically with technological disruption, emergence of new players, as well as constantly evolving customer expectations. Our collaboration with Visa will help us in developing new business models and providing more personalized customer offerings. At CBD, we are committed to playing a leading role in the digitization of the financial payments sector and introducing innovative financial solutions that meet our customers’ evolving needs and deliver seamless banking experiences.”
Khaled Al Hammadi, General Manager, Personal Banking Group at CBD, further added, “We are proud of this extended and strategic partnership with Visa. With Visa’s global expertise and CBD’s dedication to meeting the needs of our customers, we aim to provide a more seamless payment solution, delivering a variety of competitive and innovative features, products, and offers that are data-driven and are based on customer feedback. This includes recognizing and rewarding our customers, enhancing their banking experience, and delivering tangible benefits.”
Salima Gutieva, Visa’s VP and Country Manager for UAE, said, “We are delighted to expand our partnership with CBD with this exclusive multi-year partnership for their credit and debit portfolio. We will continue to work together to develop attractive products that deliver seamless, secure and rewarding experiences to the bank’s customers. CBD will be able to leverage Visa‘s industry-leading data and analytic capabilities to further drive innovation with personalized experiences for Visa cardholders. We also look forward to bringing value to local retailers and contribute to the UAE government’s efforts to grow the digital economy.”
Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’
Americans now think they need at least $1.25 million for retirement, a 20% increase from a year ago, according to a survey by Northwestern Mutual
