South Korea’s central bank said on Sunday that it had signed a bilateral, three-year currency swap deal with the UAE worth up to US$5.4 billion in a bid to strengthen trade and financial ties between the two countries.
The arrangement lets either country swap 5.8 trillion Korean won for 20 billion dirhams, or vice versa. The Bank of Korea (BOK) said the agreement expires in three years but can be extended if needed.
The currency swap agreement is the second announced on Sunday, after the Bank of Korea said it would soon sign a won-rupiah swap pact with the Indonesian central bank valued up to $10 billion.
The central bank has been discussing a potential currency swap with the UAE since June, a Bank of Korea official told Reuters on Sunday.
The BOK is also open to signing similar currency swap deals with other countries, he added, but declined to say if any additional deals would be announced in the near future.
COMPANY PROFILE
Name: HyperSpace
Started: 2020
Founders: Alexander Heller, Rama Allen and Desi Gonzalez
Based: Dubai, UAE
Sector: Entertainment
Number of staff: 210
Investment raised: $75 million from investors including Galaxy Interactive, Riyadh Season, Sega Ventures and Apis Venture Partners
COMPANY PROFILE
Name: Airev
Started: September 2023
Founder: Muhammad Khalid
Based: Abu Dhabi
Sector: Generative AI
Initial investment: Undisclosed
Investment stage: Series A
Investors: Core42
Current number of staff: 47
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RACE SCHEDULE
All times UAE ( 4 GMT)
Friday, September 29
First practice: 7am - 8.30am
Second practice: 11am - 12.30pm
Saturday, September 30
Qualifying: 1pm - 2pm
Sunday, October 1
Race: 11am - 1pm
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Moon Music
Artist: Coldplay
Label: Parlophone/Atlantic
Number of tracks: 10
Rating: 3/5
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FORSPOKEN
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Final%20Fantasy%20XVI
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Diablo%20IV
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The%20Legend%20of%20Zelda%3A%20Tears%20of%20The%20Kingdom
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Starfield
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The specs
Engine: 1.5-litre turbo
Power: 181hp
Torque: 230Nm
Transmission: 6-speed automatic
Starting price: Dh79,000
On sale: Now
How to protect yourself when air quality drops
Install an air filter in your home.
Close your windows and turn on the AC.
Shower or bath after being outside.
Wear a face mask.
Stay indoors when conditions are particularly poor.
If driving, turn your engine off when stationary.