Saudi Crown Prince signs investment agreements worth $30 billion with major Korean companies
HRH Prince Mohammed bin Salman, Saudi Crown Prince of Saudi Arabia, presented the available opportunities in the investment sectors in the Kingdom to companies from South Korea, according to the Saudi News Agency, “SPA”.
It included various sectors such as energy, technology, industry, construction, and smart cities. The meeting was attended by representatives of companies such as Samsung, Daewoo, and Hyundai.
The Saudi Crown Prince began a visit to South Korea on Wednesday. He is at the head of a delegation that includes the Ministers of Energy, Interior, Defense, Foreign Affairs, Trade, Investment, and Economy. In addition, he is the governor of the Public Investment Fund. (PIF).
On the first day of the visit, investment agreements totaling about $30 billion were signed with South Korean companies. These agreements included new and diverse fields, including clean energy, medical technology, and shipbuilding.
The number of Korean investments in the Kingdom amounts to 132, with total capital exceeding $3 billion. These investments are concentrated in the sectors of mining and quarrying, electricity, gas, steam, air conditioning, transportation and storage, manufacturing, and construction.
Among the most prominent of these companies is Samsung Saudi Arabia, DL Saudi Company, International Marine Industries, Rabigh Electricity, Al-Alia Polymers, and Saudi Steel Pipes.
The Kingdom is preparing its economy to attract more foreign direct investment, particularly in non-energy sectors, to diversify its economy.
