Crown Prince and Prime Minister Mohammed bin Salman and South Korean President Yoon Suk-yeol held key talks at the presidential residence
in Seoul on Thursday. Photo Credit / Saudi Gazette
Newsnomics AJAY ANGELINA reporter | Saudi Arabia Prime Minister Mohammed bin Salman Al Saud’s visit to South Korea on NOV.17 has opened a door of tremendous opportunities for investments in various fields like defense industries, future energy, development of hydrogen, cultural exchanges, tourism and his mega projects such as NEOM.
His visit evaluates the partnerships for Neom city of $500 billion (657 trillion won) aims to develop eco-friendly and smart cities covering a total of 26,500 square kilometers in Saudi Arabia's northwestern Tabuk Province
near the Red Sea. This futuristic city envisions flying cars about 170km (105-mile long), zero-carbon emissions city powered by Artificial intelligence, “a place of dreamers of the world” that he announced in 2017.
A consortium including Samsung C&T and Hyundai E&C won a $1-billion deal to build a railway tunnel for
THE LINE, a major part of the Neom project as many of Korean businesses were eager to take part in this
NEOM project.
As mentioned by Seoul's Ministry of Trade, Industry and Energy, South Korean railways to chemicals and pharmaceuticals, have signed around 26 memorandums of understanding with the Kingdom's government and businesses. They include the "Shaheen" project worth some $7 billion to build high quality-producing petrochemical facilities in the South Korean city of Ulsan.
“The relationship between Saudi Arabia and South Korea has witnessed great development over the past six decades, resulting in a fruitful strategic partnership. I look forward to continued cooperation, particularly in energy, defense, and infrastructure as part of achieving Saudi Arabia's Vision 2030.” Crown said.
The South Korean president Yoon Suk-Yeol affirmed to raise bilateral relations to a new level through the implementation of the Kingdom's Vision 2030 by mentioning “Now is the right time for two nations to take a leap forward to build a new level of partnership.”
