Saudi crown prince to meet with president, and possibly business leaders

Economy

Published: 16 Nov. 2022, 19:03 Updated: 16 Nov. 2022, 19:33

Saudi crown prince to meet with president, and possibly business leaders

Saudi Arabian Crown Prince Mohammed bin Salman Al Saud at the presidential office during his visit to Seoul in 2019. [JOINT PRESS CORPS]

Saudi Arabian Crown Prince Mohammed bin Salman Al Saud will meet with President Yoon Suk-yeol as early as Thursday in Seoul to explore cooperation on a smart city project, nuclear power and defense.

A separate dinner with Korean business leaders is also possible.

National Security Adviser Kim Sung-han confirmed Wednesday that the presidential office is now working to determine the specifics of the meeting with the Prince Mohammed, without further information on the exact date or time.

The Saudi Arabian leader will arrive in Seoul on Nov.17 and stay at Lotte Hotel in Jung District, according to local media reports.

High on the agenda is the NEOM City project, a $500 billion-initiative pushed by the prince and Saudi businesses.

“The leaders may discuss the development of the NEOM project, nuclear power plant and defense,” said a high-ranking official at the presidential office.

According to press reports, a possible dinner will be arranged with local business people, including Samsung Electronics Executive Chairman Lee Jae-yong, Hyundai Motor Group Executive Chair Euisun Chung, SK Chairman Chey Tae-won and Hanwha Corporation Vice Chairman Kim Dong-kwan.

None of the companies confirmed the reports.

Some Korean companies are already involved in the NEOM project, and others are seeking construction contracts or investment opportunities.

A consortium led by Samsung C&T is building a $6.5 billion green hydrogen plant there. The members of the grouping are Samsung C&T, Posco, Korea Electric Power Corporation, Korea Southern Power and Korea National Oil Corporation.

Korean Finance Minister Choo Kyung-ho, left, shakes hands with Faisal bin Fadhil Alibrahim. Saudi Arabia’s Minister of Economy and Planning, at the government complex in Seoul. [MINISTRY OF ECONOMY AND FINANCE]

Ahead of the meetings, the finance chiefs of Korea and Saudi Arabia discussed ways to expand cooperation on energy, infrastructure and services in a meeting on Wednesday at the government complex in central Seoul.

Finance and Planning Minister Faisal bin Fadhil Alibrahim expressed expectations for strengthened ties with Korea, according to a statement released by Korea’s Finance Ministry.

“With Crown Prince Mohammed bin Salman Al Saud’s visit to Korea, Finance and Planning Minister Alibrahim mentioned that the two countries should work together in devising a mid-to-long term economic strategy, which is a step further from the general expansion of investment and trade,” the Finance Ministry said in the statement.

Finance Minister Choo Kyung-ho said that Korea is willing to exchange resources in a wide range of areas, such as infrastructure, energy and services. It can also share its experience with rapid economic development.

With this year marking the 60th anniversary of the establishment of diplomatic relations between the two countries, multiple media outlets expect dozens of deals and agreements could be signed during the prince’s visit to Seoul.

The prince came to Seoul in 2019 and met with local business leaders in Seungjiwon in Hannam-dong, a Samsung reception hall.

BY PARK EUN-JEE [park.eunjee@joongang.co.kr]