Skip to main content

South Korea’s Samsung to help Saudi Public Investment Fund with construction projects

Saudi Aramco has also strengthened its ties to South Korean companies recently.
South Korean Foreign Minister Park Jin (R) shakes hands with Saudi Foreign Minister Prince Faisal bin Farhan (L)

The Saudi Public Investment Fund announced Tuesday a partnership with Samsung’s construction company. 

The sovereign wealth fund signed a memorandum of understanding with Samsung C&T Corporation to explore collaboration on the fund’s real estate and construction projects. The Public Investment Fund specifically mentioned “developing innovative technologies” to this end, according to a tweet. 

The fund did not mention which projects Samsung C&T Corporation would help with. Samsung C&T Corporation is part of the South Korean Samsung conglomerate, which is perhaps most known for making the eponymous cell phones. 

Why it matters: The Public Investment Fund is working on an array of ambitious construction projects at present. Perhaps the most known is the futuristic planned mega-city NEOM in the northwest. NEOM’s plans include a 170-kilometer (105-mile) linear “smart city” known as The Line, a floating port named Oxagon, flying taxis and more. 

NEOM is controversial due to the displacement members of the Howeitat tribe have suffered to make room for the project. Robert Mogielnicki also wrote for Al-Monitor PRO in September that NEOM is facing significant feasibility and funding challenges

The Public Investment Fund also announced earlier this month a new tourism project in Diriyah near the capital, Riyadh. The fund will construct new hotels and events infrastructure for the project. 

Know more: The agreement between the Public Investment Fund and Samsung is another example of strengthening relations between Saudi Arabia and South Korea. Saudi Arabia’s state-owned oil company, Aramco, has been leading the way in this. The following is a list of notable developments in Saudi-South Korean ties from the past year. 

Join hundreds of Middle East professionals with Al-Monitor PRO.

Business and policy professionals use PRO to monitor the regional economy and improve their reports, memos and presentations. Try it for free and cancel anytime.

Free

The Middle East's Best Newsletters

Join over 50,000 readers who access our journalists dedicated newsletters, covering the top political, security, business and tech issues across the region each week.
Delivered straight to your inbox.

Free

What's included:
Our Expertise

Free newsletters available:

  • The Takeaway & Week in Review
  • Middle East Minute (AM)
  • Daily Briefing (PM)
  • Business & Tech Briefing
  • Security Briefing
  • Gulf Briefing
  • Israel Briefing
  • Palestine Briefing
  • Turkey Briefing
  • Iraq Briefing
Expert

Premium Membership

Join the Middle East's most notable experts for premium memos, trend reports, live video Q&A, and intimate in-person events, each detailing exclusive insights on business and geopolitical trends shaping the region.

$25.00 / month
billed annually

Become Member Start with 1-week free trial

We also offer team plans. Please send an email to pro.support@al-monitor.com and we'll onboard your team.

What's included:
Our Expertise AI-driven

Memos - premium analytical writing: actionable insights on markets and geopolitics.

Live Video Q&A - Hear from our top journalists and regional experts.

Special Events - Intimate in-person events with business & political VIPs.

Trend Reports - Deep dive analysis on market updates.

All premium Industry Newsletters - Monitor the Middle East's most important industries. Prioritize your target industries for weekly review:

  • Capital Markets & Private Equity
  • Venture Capital & Startups
  • Green Energy
  • Supply Chain
  • Sustainable Development
  • Leading Edge Technology
  • Oil & Gas
  • Real Estate & Construction
  • Banking

Already a Member? Sign in

Start your PRO membership today.

Join the Middle East's top business and policy professionals to access exclusive PRO insights today.

Join Al-Monitor PRO Start with 1-week free trial