Trade between the UAE and South Korea climbed by more than 24 per cent to US$22.1 billion (Dh81.1bn) last year amid high oil prices and cooperation between the two nations in areas from energy to security.
What is more, construction contracts won by South Korean companies in the Emirates totalled $25.6bn in 2010, making the UAE the most lucrative nation for Korean contractors, according to figures from the South Korean Embassy in Abu Dhabi.
Amid the boom in trade, Lee Myung-bak, the South Korean president, is set to visit the UAE for energy talks next week as the country with few natural resources seeks more access to oil reserves in the Gulf. He is also due to tour Turkey, Saudi Arabia and Qatar, starting on Saturday, the president's office said yesterday.
South Korea has emerged as a major UAE partner in strategic arenas including nuclear energy and military training, and oil forms the foundation of their relationship.
Amid the threat of reduced supplies from Iran, pressure is growing for South Korea to secure energy supplies. Korea National Oil Corporation has said it is targeting spending up to $4bn this year to win concessions.
"The South Korean government is concerned to increase the country's oil and gas self-sufficiency ratio," said Tom Grieder, an East Asia energy analyst at IHS Global Insight. "Securing upstream reserves for South Korean companies helps them to reduce exposure to high crude oil import costs."
The South Korean president's visit comes two weeks after the nation's prime minister secured a pledge from the UAE to help to secure stable oil supplies.
Among the items of Mr Lee's agenda are finalising the terms of a deal with Abu Dhabi granting Seoul a stake in an oil concession with as much as a billion barrels of reserves. The deal, struck during the president's last visit in March, did not specify the fields or nature of royalty payments.
South Korea and its neighbours China and Japan are in a race for access to Gulf reserves as they seek energy security and shelter from volatile crude markets. This month Wen Jiabao, the Chinese premier, oversaw the signing of a deal in Abu Dhabi with the emirate's national oil company and a Chinese counterpart. In October the trade minister of Japan, the emirate's first crude customer, was in the capital to negotiate the renewal of oil concessions.
The UAE's exports to South Korea rose 21.3 per cent last year to reach $14.8bn thanks to climbing oil prices, while South Korean imports grew 32 per cent to $7.3bn, a total of $22.1bn, according to the South Korean Embassy in Abu Dhabi.
Much of that trade is bankrolled by South Korea's two export credit agencies, including a $20bn contract Abu Dhabi awarded in 2009 to a consortium form the Asian country to build and operate four nuclear reactors.
Since then South Korean nuclear energy professors have taken up posts at the emirate's Khalifa University and Emirati engineering students have visited Seoul to learn about the nuclear industry.
The cooperation extends to renewable energy, including the arrival of a South Korean "green economy" agency to Masdar City, the emirate's planned carbon-neutral development.
"With the crisis happening in Europe, of course they're shifting their interest to the GCC and Iraq and Turkey," said Mohammad Harfouch, the executive director of a South Korean trade exhibition in Abu Dhabi. "They look for safe and secure places and that's why the UAE is a good destination."
Mr Harfouch spoke from Seoul, where he and officials from the Ras Al Khaimah Free Zone hoped to entice small to medium businesses in sectors including fashion and health care to set up in the UAE.
ayee@thenational.ae
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More from Neighbourhood Watch:
The rules of the road keeping cyclists safe
Cyclists must wear a helmet, arm and knee pads
Have a white front-light and a back red-light on their bike
They must place a number plate with reflective light to the back of the bike to alert road-users
Avoid carrying weights that could cause the bike to lose balance
They must cycle on designated lanes and areas and ride safe on pavements to avoid bumping into pedestrians
The bio
Who inspires you?
I am in awe of the remarkable women in the Arab region, both big and small, pushing boundaries and becoming role models for generations. Emily Nasrallah was a writer, journalist, teacher and women’s rights activist
How do you relax?
Yoga relaxes me and helps me relieve tension, especially now when we’re practically chained to laptops and desks. I enjoy learning more about music and the history of famous music bands and genres.
What is favourite book?
The Perks of Being a Wallflower - I think I've read it more than 7 times
What is your favourite Arabic film?
Hala2 Lawen (Translation: Where Do We Go Now?) by Nadine Labaki
What is favourite English film?
Mamma Mia
Best piece of advice to someone looking for a career at Google?
If you’re interested in a career at Google, deep dive into the different career paths and pinpoint the space you want to join. When you know your space, you’re likely to identify the skills you need to develop.
Formula Middle East Calendar (Formula Regional and Formula 4)
Round 1: January 17-19, Yas Marina Circuit – Abu Dhabi
Round 2: January 22-23, Yas Marina Circuit – Abu Dhabi
Round 3: February 7-9, Dubai Autodrome – Dubai
Round 4: February 14-16, Yas Marina Circuit – Abu Dhabi
Round 5: February 25-27, Jeddah Corniche Circuit – Saudi Arabia
The specs
Engine: 3.9-litre twin-turbo V8
Transmission: seven-speed
Power: 720hp
Torque: 770Nm
Price: Dh1,100,000
On sale: now
Recycle Reuse Repurpose
New central waste facility on site at expo Dubai South area to handle estimated 173 tonne of waste generated daily by millions of visitors
Recyclables such as plastic, paper, glass will be collected from bins on the expo site and taken to the new expo Central Waste Facility on site
Organic waste will be processed at the new onsite Central Waste Facility, treated and converted into compost to be re-used to green the expo area
Of 173 tonnes of waste daily, an estimated 39 per cent will be recyclables, 48 per cent organic waste and 13 per cent general waste.
About 147 tonnes will be recycled and converted to new products at another existing facility in Ras Al Khor
Recycling at Ras Al Khor unit:
Plastic items to be converted to plastic bags and recycled
Paper pulp moulded products such as cup carriers, egg trays, seed pots, and food packaging trays
Glass waste into bowls, lights, candle holders, serving trays and coasters
Aim is for 85 per cent of waste from the site to be diverted from landfill
The biog
Name: Abeer Al Shahi
Emirate: Sharjah – Khor Fakkan
Education: Master’s degree in special education, preparing for a PhD in philosophy.
Favourite activities: Bungee jumping
Favourite quote: “My people and I will not settle for anything less than first place” – Sheikh Mohammed bin Rashid.
LA LIGA FIXTURES
Friday (UAE kick-off times)
Levante v Real Mallorca (12am)
Leganes v Barcelona (4pm)
Real Betis v Valencia (7pm)
Granada v Atletico Madrid (9.30pm)
Sunday
Real Madrid v Real Sociedad (12am)
Espanyol v Getafe (3pm)
Osasuna v Athletic Bilbao (5pm)
Eibar v Alaves (7pm)
Villarreal v Celta Vigo (9.30pm)
Monday
Real Valladolid v Sevilla (12am)
Ways to control drones
Countries have been coming up with ways to restrict and monitor the use of non-commercial drones to keep them from trespassing on controlled areas such as airports.
"Drones vary in size and some can be as big as a small city car - so imagine the impact of one hitting an airplane. It's a huge risk, especially when commercial airliners are not designed to make or take sudden evasive manoeuvres like drones can" says Saj Ahmed, chief analyst at London-based StrategicAero Research.
New measures have now been taken to monitor drone activity, Geo-fencing technology is one.
It's a method designed to prevent drones from drifting into banned areas. The technology uses GPS location signals to stop its machines flying close to airports and other restricted zones.
The European commission has recently announced a blueprint to make drone use in low-level airspace safe, secure and environmentally friendly. This process is called “U-Space” – it covers altitudes of up to 150 metres. It is also noteworthy that that UK Civil Aviation Authority recommends drones to be flown at no higher than 400ft. “U-Space” technology will be governed by a system similar to air traffic control management, which will be automated using tools like geo-fencing.
The UAE has drawn serious measures to ensure users register their devices under strict new laws. Authorities have urged that users must obtain approval in advance before flying the drones, non registered drone use in Dubai will result in a fine of up to twenty thousand dirhams under a new resolution approved by Sheikh Hamdan bin Mohammed, Crown Prince of Dubai.
Mr Ahmad suggest that "Hefty fines running into hundreds of thousands of dollars need to compensate for the cost of airport disruption and flight diversions to lengthy jail spells, confiscation of travel rights and use of drones for a lengthy period" must be enforced in order to reduce airport intrusion.
Sunday's Super Four matches
Dubai, 3.30pm
India v Pakistan
Abu Dhabi, 3.30pm
Bangladesh v Afghanistan
The biog
Born: High Wycombe, England
Favourite vehicle: One with solid axels
Favourite camping spot: Anywhere I can get to.
Favourite road trip: My first trip to Kazakhstan-Kyrgyzstan. The desert they have over there is different and the language made it a bit more challenging.
Favourite spot in the UAE: Al Dhafra. It’s unique, natural, inaccessible, unspoilt.
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