Korea’s KIC to invest $50m in Mubadala fund

23 Dec 2010

(MENAFN) Chin Young-wook, Chief Executive at Korea Investment Corp (KIC), said that it will invest $50 million in an infrastructure fund run by Mubadala Development Co, the investment arm of the Abu Dhabi government, Arabian Business reported.

According to Young-wook, the mentioned fund aims to secure approximately $500 million in investments by the end of the first quarter of the upcoming year, and will primarily focus on infrastructure investments in the Middle East, North Africa and Turkey.

KIC, which manages more than $30 billion in assets, is charged with managing some of Korea’s foreign exchange reserves, and invests only in overseas markets using foreign currency, Young-wook added.

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