Seoul will host an investor relations event on Saudi Arabia’s NEOM mega-city project during the third quarter, Finance Minister Choo Kyung-ho said Friday, as the Korean government is trying to tap into the initiative amid falling exports. The Saudi Arabia and Korean governments are arranging the meeting to bring together companies interested in the project and Saudi Arabian officials.
The minister vowed full support for companies in areas such as smart cities, urban transportation and plant engineering so that they will win big orders overseas.
Some Korean builders like Samsung C&T and Hyundai E&C have already signed contracts related to the project, which involves the building of a 170-kilometer-long linear city, and others could also win business related to the eyebrow-raising urban development. Saudi Arabia aims to build a new city, from scratch, on a 26,500-square-kilometer desert area in northwestern Tabuk Province, which will be 100 percent run on renewable energy.
Read the full story at Korea JoongAng Daily