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| Lee Jae-Yong, Executive Chairman of Samsung Electronics |
High profile Korean business
delegation to visit Saudi Arabia to secure Neom contracts
In a significant
development, the heads of South Korea's top 10 conglomerates, with Lee Jae-Yong
at the forefront, are gearing up for a visit to Saudi Arabia.
It was reported that Won
Hee-ryong, Minister of Land, Infrastructure, and Transport, is contemplating a
Middle East expedition next month, with these corporate leaders in tow.
Korean
minister sees a bigger role of his country’s firms in Neom project
Initially, the
government had planned a visit to Saudi Arabia primarily focusing on CEOs from
construction companies. However, it appears that the delegation has expanded
its scope to include the leaders of the country's top 10 conglomerates, aiming
for a comprehensive effort to secure contracts for the ambitious Neom City
project.
Neom City represents a
colossal megaproject in northwest Saudi Arabia, covering an area 44 times the
size of Seoul, spanning a vast 26,500 square kilometers. The total estimated
project cost stands at an astounding $500 billion (approximately 664 trillion
won).
Saudi
and Korean companies sign 26 MoUs during Crown Prince’s visit to Seoul
Prominent domestic
giants such as Samsung, SK, and Hyundai Motor are swiftly positioning
themselves to secure contracts for Neom City.
In a noteworthy
development from last November, prominent figures including Samsung's Chairman
Lee Jae-Yong, SK's Chairman Chey Tae-Won, Hyundai Motor's Chairman Chung
Eui-sun, Doosan's Chairman Park Jung-won, and CJ's Chairman Lee Jae-Hyun held a
two-hour meeting with Saudi Crown Prince Mohammed bin Salman during his visit
to Korea.
Earlier this month,
Yasir Othman Al-Rumayyan, also known as the "Keeper of the Treasury,"
who serves as the Chairman of Aramco and President of the Saudi Wealth Fund,
paid a visit to Korea and engaged in meetings with various corporate leaders,
including Chairman Jeong Gi-seon.
Source: https://www.businesskorea.co.kr/
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