Samsung chair resumes global outreach with Middle East tour

[Photo by Seong Seung-hoon]

Samsung Electronics Co. Executive Chairman Jay Y. Lee set off on a trip to the Middle East on Tuesday, a day after a court acquitted him of criminal charges for manipulating the market.

Lee departed from Gimpo Airport to travel to the United Arab Emirates (UAE) and other Middle Eastern countries in the late afternoon on February 6th, 2024, where he is anticipated to inspect the Barakah nuclear power plant construction and rebuild the company’s Middle Eastern network.

Lee is likely to focus on network building during this trip to the Middle East, after previously visiting Saudi Arabia, Israel, and Egypt to inspect Samsung Group global sites in October 2023. During that visit, he toured the mountain tunnel construction site for the Neom City project in Tabuk Province in northwestern Saudi Arabia, in which Samsung C&T Corp. is participating.

Saudi Arabia’s Neom City project aims to build a futuristic city consisting of four districts, including the residential zone, the eco-friendly industrial zone, the mountain resort and leisure zone, and the marine resort zone. Samsung C&T is responsible for constructing part of the transportation infrastructure in the residential zone, as well as constructing a 12.5-kilometer tunnel that is part of the infrastructure facility.

Lee visited the UAE in December 2022 to inspect the construction site of the Barakah nuclear power plant. Since the project began in 2015, the UAE’s fourth reactor was completed in May 2023, with plans for full operation in 2024. The UAE was Lee’s first overseas destination after assuming the chairmanship.

This Middle East trip is particularly significant as it is Lee’s first global move after being cleared of criminal charges. Lee was only able to engage in overseas site management by submitting absence requests or during holidays while his proceedings were underway.

“Lee is likely to restore his Middle Eastern network while encouraging employees there ahead of the approaching Lunar New Year holiday season,” an industry insider said, predicting that the executive chairman’s overseas moves will progress swiftly.

Lee is also expected to visit Southeast Asian countries, including Malaysia, with Samsung C&T’s construction division recently completing the Merdeka 118 building in Kuala Lumpur, the second-tallest building in the world.

The Seoul Central District Court acquitted Lee of his involvement in alleged market manipulation and breach of trust a day ahead of his departure.