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.
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.
