In December 2009, Korea won a $40 billion contract to build four nuclear power plants in the United Arab Emirates.

The deal was signed on December 27 by a consortium led by the Korea Electric Power Corp. and Emirates Nuclear Energy Corp. The project is the largest international contract Korea has won in its history.

The signing ceremony which took place shortly after the bilateral summit between the two presidents was attended by high-ranking officials from both sides, including President Lee Myung-bak, UAE President Khalifa bin Zayed Al Nahyan, Korean Foreign Minister Yu Myung-hwan and UAE Crown Prince Mohammed bin Zayed Al Nahyan.

The presidential office of Cheong Wa Dae said Korea has acquired a chance to export nuclear reactors to an oil-producing country in the Middle East, realizing its dream of becoming an energy-exporting nation. The office cited 30 years of experience in the field of nuclear power by Korean companies, price competitiveness, and relatively quick period of construction as reasons for winning the contract.

The President’s diplomatic efforts are also seen as a reason for landing the contract. President Lee held six phone conversations with President Khalifa to promote the consortium's bid before flying to Abu Dhabi.

Both presidents expressed satisfaction over growing industrial ties between Korea and the UAE in commerce, energy and construction. They also agreed to upgrade bilateral relations to a “strategic cooperative partnership.”

President Lee asked UAE President Khalifa to help deepen bilateral ties ahead of the 30th anniversary of diplomatic relations next year and invited him to visit Korea. The UAE President accepted the invitation, saying he will visit Seoul at an appropriate time.