Gulf Investment Corporation (GIC) announced Thursday the signing of a Memorandum of Understanding (MOU) with the Korea Finance Corporation (KoFC) in Dubai.
The MOU signals the interest in KoFC to partner with GIC as its preferred partner for investments into the GCC region. Such investment should also greatly complement the important work conducted by Korean industrial groups into the GCC region since the 1970s, a GIC statement said.
The KoFC is a government-owned agency whose mandate is to support the growth of the Korean economy through financing sectors of significant contribution to the overall economy. On the international front KoFC provides financing to projects undertaken by Korean firms to aid in their international growth. This is an area where GIC can play a key role in helping to bridge the transfer of Korean technology, know-how and funding into the GCC region.
Representing GIC was Dr. Russell Read, Chief Investment Officer and Mr. Malek Al-Ajeel, the Head of Business Development and Strategic Planning. Commenting on signing the landmark agreement, Dr. Read said that "GCC has enjoyed the partnership of Korean industrial companies for major project work in our region since the 1970s. Today, GIC is delighted to partner with KoFC to launch the era of Korean investment into the GCC and between our two regions." Mr. Dong Choon Lee, Chief Investment Officer of KoFC, also emphasized the strong interest his company has in making investments in the GCC.
Established in 1983, GIC is a regional financial institution owned entirely and equally by the six GCC states. GIC strives to provide a comprehensive range of financial services that support the development of private enterprise and economic growth in the Gulf region. GIC managed to achieve a number of major projects throughout GCC Countries all with diversified activities covering different sectors via, financial, petrochemical, steel, power, communications and others. GIC successfully maintained its distinguished presence as a financially powerful establishment with rewarding returns and enhanced capital base.