President of South Korea Officially Visits UAE

President Moon Jae-in of South Korea arrived in UAE yesterday on Saturday for an official visit; Suhail bin Mohammed Al Mazrouei, the minister of energy and infrastructure, has welcomed him upon his arrival; this visit is for work reasons, as he has a 1-week visit to UAE, Saudi Arabia, and Egypt, where economic interest to South Korea exists.

Why is president Moon Jae-in visiting the middle east?

Saudi Arabia is South Koreas' major construction project partner, and UAE is said to be the investment partner of South Korea; those three countries, along with Korea, are looking for a strategic energy transition to increase the fuel sources they rely on instead of purely it being fossil fuels. 

The plan is to supply electric vehicles and clean energy technology chains from South Korea to the MENA region through the Suez Canal. This is to secure market access to both Europe and the MENA region, which is why president Moon Jae-in has planned this 1-week visit to those countries. 

When will fuel run out?

Dubai has almost run out of oil, and the economy is not based on oil anymore but commerce, E-commerce, and services. Dubais’ GDP’s oil share was less than 3% back in 2012.

UAE has proven that it reserves more fuel than it does, almost 299.0 of what it does consume yearly. Usually, that means that about 299 years left of using oil but then the country would officially run out of that oil; not only UAE but similar situations are going through the middle east and other countries, which is why everyone is getting ready to depend on clean energy and green methods instead of fuel to keep the countries going and to also not suffer financially from running out of oil, as most Gulf countries rose to their wealthy and success current status because of the discovery of natural preserves of oil under their lands. 

We hope that this visit brings more technological advances to our beloved UAE; visit us at Uaemoments for more related content.

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This article was previously published on UAE Moments.To see the original article, click here