Korean companies look to get piece of NEOM pie

A mockup structure of NEOM's linear city ″The Line″ is displayed at the Dongdaemun Design Plaza in central Seoul on Tuesday. [YONHAP]

Korean firms should capitalize on the huge investment opportunities at NEOM, the mega-city project’s top official said during the first-ever NEOM roadshow event held in Asia at Dongdaemun Design Plaza (DDP) in central Seoul Tuesday.

“We welcome Korean companies to participate in the world’s largest and the most ambitious urban development project,” NEOM CEO Nadhmi Al-Nasr said.

NEOM is Saudi Arabia’s $500-billion urban project to create a smart city with a total planned area of 10,200 square miles, or 44 times Seoul's size. A 200-meter (656-foot) wide, 500-meter high and 170-kilometer (106-mile) long linear city “The Line,” the world’s largest floating city “Oxagon,” year-round ski resort “Trojena” and luxury resort island “Sindalah” comprise NEOM's four main sectors.

The Middle Eastern kingdom plans to power the entire metropolitan area entirely on renewable energy.

Naver, Hyundai Elevator, KT, the Architecture & Urban Research Institute and other contenders promoted homegrown technologies at the NEOM exhibition that was attended by business leaders including Hyundai Group Chairperson Hyun Jeong-eun and GS Engineering & Construction CEO Lim Byeong-yong.

The NEOM team visited Korea for a two-day showcase. On Monday, senior NEOM officials from key economic sectors — construction, energy, healthcare, bio, education and media — introduced the project and its benefits to more than 200 business leaders from 100 companies during the Discover NEOM Tour. One-on-one meetings between the NEOM team and local companies followed the private corporate event.

The Ministry of Land, Infrastructure and Transport and NEOM kicked off a roadshow event Tuesday morning, where the so-called “One Team Korea” companies specializing in smart city and mobility gave thematic presentations and displayed mockup exhibitions. A press event was held in the afternoon.

“NEOM is [already] a reality,” a NEOM official stressed that day, in response to doubt about the futuristic Saudi city's practicality.

“Around 90 countries are currently taking part in the project, and some 60,000 construction workers are working at the site.”

Korean builders Samsung C&T and Hyundai E&C have signed contracts to build a railway tunnel at The Line, and HanmiGlobal won a project management deal for the linear city.

The Line, scheduled for completion by 2030, aims to be road-free, car-free and carbon-free, allowing its residents to access all facilities within a five-minute walk.

The NEOM exhibition at DDP will be open to the public from Wednesday to Monday.

“We look forward to delivering additional news on winning NEOM-related deals in the second half of this year,” Land Minister Won Hee-ryong said Tuesday.

“Korea will spare no effort to further solidify the long-standing [Korean-Saudi] bilateral cooperation.”

BY SOHN DONG-JOO [sohn.dongjoo@joongang.co.kr]