South Korean Venture Capital (VC) firms will work with The United Arab Emirates to invest 1.38 trillion won in South Korean startups. Last year, the UAE promised the South Korean Government a $30 billion investment across various sectors, including defense and nuclear power. This $1 billion investment in startups is said to be the very first step toward that deal. Here we are talking about South Korean Startups Will Get an Investment of $1 Billion From the UAE.
The establishment of this joint venture investment company with LB investment in Korea was confirmed on May 7 through AIM Global Foundation. They intend to attract funds from Limited partners (LPs) within The United Arab Emirates. They have also decided on a venture fund of $1 billion, which a joint venture company will manage. AIM Global Foundation, an Abu Dhabi-based VC and Seoul-based LB investment, is said to be setting up a Joint Venture by attracting UAE LPs.
LB Investment is a leading VC firm that has invested in various big companies such as game developer Pearl Abyss, Korean entertainment agency HYBE Co., and more. They will be managing the JV for Korean startups. The AIM Global Foundation is a channel for “oil money.” AIM (Annual Investment Meeting) organizes the biggest investment forum each year. The team for AIM consists of the UAE Minister of Foreign Trade and other officials from various departments.
In 2011, when Elon Musk secured investment for Tesla’s business expansion, AIM became the talk of the town and has gained fame since then. This year’s AIM started on May 7 and will end on May 9. Yesterday, LB Investment secured its position as a joint venture company with AIM Global Foundation, which manages UAE’s venture investment funds.
AIM Global Foundation mentioned that the reason for choosing LB Investment as a partner is their verified international investment capabilities and proven investment performance. Park Ki-ho, the head of LM Investment, is also the chairman of KITIA (Korea Core Industrial Technology Investment Association). Chairman of AIM Global Foundation, Dawood AI Shezawi, said they will invest strategically to positively impact the global economy.
Conclusion
South Korean startups are getting investment of $1 billion from the United Arab Emirates (UAE). In simple terms, the UAE invests a lot of money to help South Korean startups grow. They do this through a partnership between Korean investment firms and the UAE. The goal is to support Korean startups, help them succeed, and positively impact the global economy and society. LB Investment, a well-known investment company, will be in charge of managing this partnership.
The UAE chose LB Investment because they’re good at investing internationally and have a track record of success. This partnership is seen as a big step in helping Korean startups and positively impacting the global economy. The establishment of a joint venture investment company, confirmed on May 7, aims to attract funds from UAE Limited Partners and manage a venture fund of $1 billion for Korean startups.
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