Hyundai Motor signs deal with UAE's sovereign wealth fund

Hyundai Motor Company decided to work with the sovereign wealth fund of the United Arab Emirates (UAE) in the future mobility and eco-friendly energy sector. Following its contract signed with the sovereign wealth fund of Saudi Arabia in October this year, the South Korean company will further increase cooperation with the Middle East.

Hyundai Motor Company announced on Sunday that it signed a memorandum of understanding with Mubadala Investment Co., a sovereign wealth fund of the UAE, to accelerate an eco-friendly transition and create new future businesses. An agreement ceremony held at Mubadala Tower in Abu Dhabi on Friday (local time) was attended by Chang Jae-hoon, the president and CEO of Hyundai Motor Company, and Waleed Al Mokarrab Al Muhairi, the deputy group chief executive officer of Mubadala Investment Co. Mubadala Investment Co., which is a state-run investment company established in 2002, is considered one of the three major sovereign wealth funds of the UAE, along with the Abu Dhabi Investment Authority and Investment Corporation of Dubai.

With the memorandum of understanding, the two companies will cooperate on producing green steel, which refers to the steel-making process using hydrogen. The two will also cooperate across the area of green aluminum, encompassing the production of aluminum using environment-friendly energy and recycling the metal. In the eco-friendly mobility sector, they will work together to build charging infrastructure for electric vehicles in the Iberian Peninsula, sell commercial hydrogen cars, and jointly develop regenerated synthetic fuels. The two companies also plan to explore various ways to utilize their capabilities further in the advanced air mobility sector.


hee@donga.com