The world’s interest in NEOM’s mega projects in the Saudi Arabia desert is still growing. According to Korean news, the Minister of Land, Infrastructure, and Transport of South Korea, Won Hee-ryong, and “Team Korea,” a group of South Korean companies, set off today to make a sales pitch to participate in a $500 billion NEOM development project in Saudi Arabia.
Won Hee-ryong is the first Korean ministry to visit the site of the giant project. Won will travel to Saudi Arabia for four days with 11 Korean construction companies. “This visit will bring momentum and further raise the trust and cooperation between the two countries in construction and infrastructure,” Won said.
For this trip, representatives of global companies like Hyundai E&C, Samsung C&T, Naver, and KT, and from the smart city and mobility companies, are joining the delegation. In June, Hyundai E&C and Samsung C&T consortium won a $1 billion order to build a tunnel for NEOM’s “The Line” project.
The latest update about NEOM’s The Line mega project was the drone photos taken by OT Sky; click here to learn details.
This is not the first time South Korean companies and Saudi Arabia have collaborated on projects. Also, Doosan Heavy Industries & Construction won a 780 billion deal to build a seawater desalination plant in Saudi Arabia last year.
“Saudi Arabia’s NEOM City project, which invests in renewable energy facilities and urban development, is a deal where companies with expertise in energy facility construction, such as Hyundai E&C, will have the upper hand,” said Baek Jae-Seung, an analyst at Samsung Securities.
Also, in August, Won Hee-ryong met chief executives of major companies, including Hyundai E&C, Samsung C&T, GS E&C, Doosan Enerbility, Hyundai, and Samsung at the Korea Chamber of Commerce and Industry headquarters to plan out winning strategies for the Saudi development project.
According to Won, “We will leap forward in overseas construction, as initiated by projects in Saudi Arabia,” and he added, “It will help Korea win a higher number of overseas construction projects in the years to come.”
Also, next Sunday, the Korean government and companies will join a “Korea-Saudi Innovation Roadshow” organized by Saudi’s Ministry of Transport and Logistics Services.
If these meetings are concluded positively, it is expected that Saudi Arabia’s Crown Prince Mohammed bin Salma will visit South Korea before the end of November.