State-owned Abu Dhabi Investment Company (ADIC) has said it is diversifying investments into South Korea and Asia as it seeks to also attract inward investment.

ADIC, Korea Development Bank and the Korea Trade Promotion Agency (Kotra) signed an agreement to help increase investment flows between South Korea and the Middle East and North Africa region, ADIC said.

The agreement lays the groundwork for co-operation in many areas, including cross-border mergers and acquisitions, private equity, infrastructure and portfolio equity investment.

'This is an important step, which should lead to some exciting investment opportunities both in South Korea and the Mena region,' said Nazem Fawwaz Al Kudsi, ADIC's chief executive, according to a report in our sister publication, the Gulf Daily News.

'The Middle East should not just be regarded as a source of capital but also as an investment destination.'

Abu Dhabi has been using part of its oil income to diversify its economy.

'Investment funds in the Middle East are diversifying to include direct investments in Asia and Korea in particular,' said Kotra president Cho Hwan Eik. – TradeArabia News Service