KDB in talks with Adic

Korea Development Bank (KDB) has announced that it is in early negotiations with Abu Dhabi Investment Company (Adic) on cross-holding agreements.

The sources said that South Korea is eyeing to the Middle East for a new source of investment as advanced economies struggle with recession.

The sources further added that KDB also intends to launch private equity fund to buy assets from local business groups in the process of restructuring.

As per media reports, Abu Dhabi has been using part of its oil income to diversify its economy and invest abroad.

It inked a pact with KDB and the Korea Trade Promotion Agency earlier this month to help increase investment flows between South Korea, the Middle East and North Africa.