United Arab Emirates to buy stake in Hynix?

X-bit Labs reports the United Arab Emirates are planning to move further into the tech industry. After Abu Dhabi's entry into the foundry industry through the partnership with AMD on GlobalFoundries and the acquisition of Chartered, there are now rumors that the UAE government may buy a stake in South Korean memory maker Hynix.

The government of the United Arab Emirates has shown interest in acquiring a stake in Hynix Semiconductor, a South Korea-based maker of dynamic random access memory (DRAM), according to media reports. While the government of South Korea would give preference to a local investor, it will also consider a bid from the UAE.

Creditors of Hynix Semiconductor, including Korea Exchange Bank and Korea Development Bank, are now looking forward to sell their 28% stake fully or partly in the DRAM maker, reports Dow Jones news-wires citing Electronic Times news-paper. The KEB and KDB got stakes in Hynix Semiconductor after a series of debt-for-equity swaps in the early aughts when Hynix almost went bankrupt due to low demand towards memory.