Korea to establish
Liaison Office in Saudi Arabia to get more share in Neom project
Korean Minister of
Land, Infrastructure, and Transport, Won Hee-ryong has revealed plans to
establish a liaison office of his country in Saudi giga-city Neom. He made the
announcement during Neom City exhibition that is being held in Seoul.
This office will serve
as a vital connection point between Korean companies, experts, and Neom
officials.
During a media
conference held on July 25, one day prior to the Neom exhibition's opening at
Dongdaemun Design Plaza (DDP) in Seoul, the executives emphasized that the Neom
City project is rapidly becoming a reality.
Neom is an expansive
administrative region in Saudi Arabia's northwest, covering an area of 26,500
square kilometers, which is 44 times the size of Seoul. The kingdom is driving
four major projects in Neom: The Line, a linear new city; Oktagon, an
innovative octagonal high-tech industrial complex floating on the sea; Trojena,
a picturesque tourism destination; and Sindalah, a luxurious resort boasting a
golf course and yacht marina.
The project comes with
an astronomical cost, with the estimated total reaching US$500 billion
(approximately 640 trillion won).
Numerous companies
worldwide, including Korean firms, are eagerly competing for significant
contracts related to Neom City. Nadmi expressed his belief that upon the
completion of Neom Phase 1 in 2030, it will demonstrate the practicality and
viability of the project, paving the way for a successful second round of
funding. He further stressed that the Neom City project will offer abundant
opportunities to many Korean companies in various phases, including investment,
funding, and partnership formation.
Currently, companies
like Samsung C&T and Hyundai E&C are actively engaged in constructing
an infrastructure tunnel for The Line, while Hanmi Global is involved in
program management. Other Korean companies, such as Samsung C&T and Hyundai
E&C, are also vying for new tenders in relation to the Neom project.
The recent closed-door
project introduction event organized by Neom attracted around 250
representatives from approximately 100 Korean companies. During this event,
various sectors such as construction, media, education, healthcare, tourism,
and energy had the opportunity for one-on-one meetings with Neom
representatives. Remarkably, an average of three projects per company, totaling
around 300 projects, were presented to Neom during this event.
Source: http://www.businesskorea.co.kr/
0 Comments