Emirates’ prime minister in Korea

The prime minister of the United Arab Emirates, Sheikh Mohammed bin Rashid al-Maktoum, arrived in Korea for the first time yesterday. He plans a two-day visit aimed at boosting bilateral relations in investment, energy and information technology, government officials said.
Accompanied by about 120 businesspeople, Sheikh Mohammed will engage in discussions of his country’s planned investments in Korea’s cultural and industrial sectors, said the officials.
On Tuesday, he will pay a courtesy call to President Roh Moo-hyun and meet with Prime Minister Han Duck-soo for discussions on ways to enhance bilateral ties in energy and information technology, they said. Roh visited the UAE last May and signed a joint statement calling for the combination of Korea’s technologies and the UAE’s resources.
Sheikh Mohammed, concurrently vice president of the UAE and ruler of Dubai, became the country’s prime minister in February 2006, after his older brother Maktoum bin Rashid al- Maktoum died in Gold Coast, Australia. His wealth is said to be $27.8 billion, consisting of $14 billion of his family’s money plus a personal fortune of $13.8 billion, which would make him the fifth-richest person in the world.
Meanwhile, Sungwon Corp., a Korean mid-sized builder, said yesterday it has concluded a $20 billion contract to redevelop an area of Dubai in the United Arab Emirates. The deal with Deira Investment Company calls for building houses, shopping malls, public facilities and harbor facilities in Deira, Sungwon said.
Sungwon plans to form a consortium with four to five Korean builders to conduct the urban redevelopment project on a turnkey basis, the firm said. Sungwon is aiming to complete construction 2012, it said.