Saudi prince meets with Korean tycoons of tech, ships, plants, entertainment

[Source : Saudi Ministry of Foreign Affairs Twitter]

Crown Prince Mohammed bin Salman squeezed time during his 24-hour stay in Seoul to meet the business chiefs of South Korea who can contribute to his vision of new future for the Saudi kingdom.

Tea invites went to Samsung Electronics Executive Chairman Jay Y Lee, SK Group Chairman Chey Tae-won, Hyundai Motor Group Chairman Chung Euisun, Hanwha Solutions Vice Chairman Kim Dong-kwan, HD Hyundai President Chung Ki-sun, CJ Group Chairman Lee Jay-hyun, Doosan Group Chairman Park Jeong-won, and DL Group Chairman Lee Hae-wook.

The royalty second to the king during his first visit to South Korean in three years made sure he met personally with key business leaders after a summit with Korean President Yoon Suk-yeol to underscore his confidence in Korean technology for his ambitious smart Neom city and Vision 2030 projects aimed to restructure oil-reliant Saudi economy to a sustainable and innovative one.

The business leaders gathered at Lotte Hotel at about 4:30 p.m. and came out at 7 p.m.

“Tycoons shared their business concepts related to Neom city,” said an unnamed official from the conglomerate circle. “More in-depth discussion will be carried out on working level.”

Lee of Samsung has expounded on advanced technology sector such as fifth generation (5G) telecommunications and artificial intelligence infrastructure to realize the smart city.

Samsung Engineering is engaged in 1.4 trillion won ($1 billion) Jafurah Gas Plant Project and Samsung C&T in a metro construction project in Riyadh in Saudi Arabia.

Samsung C&T and Hyundai Engineering & Construction jointly procured a deal to build a railway tunnel of The Line as part of Neom City project.

Chey of SK discussed partnerships in battery, bio, and chips sectors. He would have addressed hydrogen business related to Neom City and SK ecoplant’s role in the construction.

Saudi Arabia is highly interested in technology sector, according to Khalid Al Falih, Saudi’s investment minister, and the sovereign wealth fund hopes to expand investment in companies like SK.

With Hyundai Motor Group Chairman Chung, future mobility ecosystem encompassing electric and autonomous ground and aerial vehicles has been discussed as clean fuel and innovation defines Neom City project.

Vice Chairman Kim of Hanwha talked of partnership in solar energy and UAM sectors as well as weapons system exports. HD Hyundai President Chung would have discussed clean fuelled tankers in partnership with Saudi Arabia’s state oil company Aramco.

Chung told the Saudi Crown Prince that his company has carried out many projects together for a long time and hoped for more in the future.

The crown prince also invited CJ Group chair to reflect his interest in entertainment exchanges.

CJ ENM in June signed a MoU with Saudi’s culture ministry to boost cultural ties.

Doosan’s Park is known to have discussed construction-related issues, specifically casting and forging facility under construction in Saudi Arabia, seawater desalination plant, and coal-fired and gas-fired combine cycle combustion turbine plant.

Lee of DL Group has also appealed with potential investment ties in petrochemical sector.

Korea and Saudi Arabia inked 26 business deals worth $30 billion in an investment forum organized by Korea’s Ministry of Trade, Industry and Energy and Saudi Investment Ministry.

S-Oil, whose largest shareholder is Saudi Aramco, announced it will spend 9.3 trillion won in Shaheen petrochemical project, the largest ever amount in Korea by Aramco.