After attending the G20 summit in Bali, Indonesia, Saudi Crown Prince and Prime Minister Mohammed bin Salman Al Saud arrived in South Korea with various interests to discuss with President Yoon Suk-yeol, including politics, finances, and opportunities regarding the new Megacity Neom project.
This visit marks the 60th year of cooperation and support in the relationship between Saudi Arabia and South Korea. They agreed upon further strengthening this strategic collaboration, especially in terms of finances and investment.
His Highness visit's focus is on the new Neom project. With the city being built and its potential to become the next best tourism spot, Saudi Arabia wants to promote NEOM as its first and foremost priority. Neom is a $500 billion worth project initiated by the Crown Prince back in 2017. It aims to develop environmental-friendly and smart cities upon the vast 26500 square kilometers area in Saudi Arabia's Tabuk Province.
This urban renovation is a remark in the Crown Prince's Saudi Vision 2030 as Saudi Arabia moves further away from an oil-centric economy and adapts to the world's current environmental trends with 100% renewable resources.
Many South Korean major companies take interest in the Neom project. Samsung C&T and Hyundai E&C got a $1-billion deal to build a tunnel for The Line, a tourism standout of the Neom project. Earlier this month, Korea's Land, Infrastructure and Transport Minister Won Hee-ryong flew to Saudi Arabia to discuss partnerships in future mobility and infrastructure development and some 20 companies organized the One Team Korea road show to explore possible business opportunities.
For further details, visit Neom's main website: https://www.neom.com/en-us/about