UAE-based investment firm Enspire expands into Korean market
Enspire Founder and Executive Chairman Soud Ba'alawy delivers a congratulatory speech during a appointment ceremony for the group's Korea branch CEO Shin Yung-sook at the Air Force Hotel in Seoul, Thursday. Courtesy of Enspire KSB Korea
By Anna J. Park
Dubai-headquartered global investment group Enspire has officially launched its Korean operation, aiming to strengthen investments in the country's various sectors. The firm has also appointed Shin Yung-sook, a veteran entrepreneur in the fields of computer security and outbound trade consulting, as CEO of the Korean branch, named Enspire KSB Korea.
During a CEO appointment ceremony for Shin held at the Air Force Hotel in Seoul on Thursday, Enspire Founder and Executive Chairman Soud Ba'alawy delivered a congratulatory speech. He said he hopes the UAE and Korea could jointly build a future together through active investments, as their partnership strengthens each other's economies.
“I hope UAE and Korea could foster further collaboration in human development, as we strengthen our economies to build a nice future together,” Ba'alawy said during the ceremony.
The chairman went on to say that there are many challenges and risks ahead in the current times of economic crisis, yet he stressed the importance of embracing challenges.
“We think of challenges as risks, but not taking risks is the biggest risk,” he stressed, highlighting that he hopes Enspire could become a bridge between Korea and the UAE.
Enspire Founder and Executive Chairman Soud Ba'alawy, seventh from right, poses for a photo during an appointment ceremony for the group's Korea branch CEO Shin Yung-sook, eighth from right, at the Air Force Hotel in Seoul, Thursday. Courtesy of Enspire KSB Korea
Shin said in a speech that the group's Korean branch will contribute to creating a healthy investment environment.
“In accordance with Enspire's entrepreneurship and management guidelines, the company will implement and manage investments into Korea, thereby creating a sound and healthy investment culture,” she said.
Following the ceremony, Enspire signed its first investment MOU with the Military Mutual Aid Association, one of the major institutional investors in Korea.
Aiming for stable profitability, Enspire has been globally investing in diverse public and private sectors, including energy, infrastructure, urban development, logistics and finance. The global investment firm is known for its thorough and transparent investment evaluation processes.
Ba'alawy boasts three decades of global banking and investment experience. He previously served as the head of the Dubai Group, the chairman of Nasdaq Dubai, vice president of Citibank's Gulf Treasury in Dubai and chief Investment officer of Dubai Internet City, as well as on international board positions, including the Noor Investment Group. The Dubai-based global investment group chairman's visit to Korea coincides with President Yoon Suk Yeol's state visit to UAE for three days from Jan. 14 to 17.