Seoul and Abu Dhabi signed Sunday a string of economic agreements including a contract worth approximately 20 billion dollars for a South Korean consortium to build four nuclear power stations in the United Arab Emirates, an official news agency reported.
South Korean President Lee Myung Bak arrived in the UAE the previous evening for a two-day visit aimed at supporting his country's consortium's bid to build the first nuclear power plant in the Gulf state, dpa reported.
According to the UAE's official WAM agency, the agreements signed also included pledges to increase bilateral economic cooperation, establish a high-level committee for cooperation on nuclear energy, renewable and sustainable energy, ship-building and human resources development.
The nuclear deal is considered an important element for the national economic and trade strategy of South Korea, and overall is one of the largest agreements of its kind in the world.
Over the lifetime of the plants, along with the initial contract, the agreement is expected to bring in some 40 billion dollars for the South Korean companies in the consortium.