Abu dhabi: The Korea Trade Insurance Corp. (K-SURE) announced plans to extend financial support amounting to $2 billion to the Abu Dhabi National Oil Co. (ADNOC), the leading petroleum company in the United Arab Emirates. This initiative aims to aid South Korean companies in executing business projects within the Middle Eastern region.

According to Yonhap News Agency, K-SURE's financial assistance is contingent upon ADNOC's commitment to securing project contracts for Korean companies and procuring Korean-manufactured materials and equipment. This agreement follows a memorandum of understanding (MOU) signed for strategic business cooperation during President Lee Jae Myung's recent visit to the UAE.

The MOU outlines plans for collaboration to boost the export of Korean goods and services, particularly in the fields of artificial intelligence, renewable energy, and power grids, to the Middle East, as stated by K-SURE.