‘Saudi Vision 2030 offers investment opportunities for Korea’
Korea Times Global Business Club highlights development projects in Saudi Arabia
Saudi Arabia’s growing partnership with Korea will create more opportunities for Korean investors in the Middle Eastern country’s development projects centering on the groundbreaking NEOM city project, Saudi Arabian officials said, Tuesday.
The officials highlighted the projects and potential cooperation with Korean companies during the Global Business Club, an event hosted by The Korea Times in Seoul at the Korea Press Center.
The exclusive business club-style event was designed to offer networking opportunities between Korean companies and decision-makers outside Korea. The event, focusing on Saudi Arabia, was attended by officials representing the country, including Saudi Arabian Ambassador to Korea Sami M. Alsadhan, as well as some 70 officials from Korea’s construction, refinery and financial sectors. NEOM’s Deputy CEO Rayan Fayez took part through video livestreaming.
Saudi Arabian officials emphasized that Saudi Vision 2030, a strategic roadmap outlining the kingdom’s future trajectory, is geared toward economic diversification and reducing dependency on oil.
They highlighted Saudi Arabia’s youthful, well-educated population exceeding 34 million and strategic location at the crossroads of major trade routes, offering a compelling investment landscape, adding that NEOM is at the core of the roadmap.
“We’ve identified 14 sectors to be the economic engine of NEOM and many of these sectors have already begun activation,” Fayez said. “From energy and water to mobility tech and digital infrastructure, NEOM is spearheading unprecedented initiatives aimed at redefining livability, conservation and business practices for the future.”
The deputy CEO said key to NEOM’s vision is the commitment to sustainability, particularly in energy generation.
“There’s a significant energy infrastructure being built to deliver 100 percent renewable energy, a feat never before achieved on this scale,” Fayez said. “We benefit from an ideal mix of sun and wind, positioning NEOM as a global leader in sustainable energy production.”
As NEOM continues to evolve, Fayez remains optimistic about the project’s transformative impact. “NEOM represents not just a city, but a vision for the future — a blueprint for sustainable, inclusive growth that aligns with the goals of Vision 2030,” he said.
At the core of the NEOM project lies “The Line,” an ambitious engineering marvel stretching 170 kilometers above ground, aimed at establishing an environmentally sustainable city in the heart of the desert.
“Saudi Arabia holds exciting potential and opportunity for investors,” Alsadhan said.
“As part of Saudi Vision 2030, a wide range of economic reforms has succeeded in creating new business opportunities, leveraging Saudi Arabia’s key strategic assets, and driving economic growth and diversification.”
The ambassador highlighted the expanding cooperation between Saudi Arabia and Korea, extending beyond traditional sectors like construction and energy to advanced fields such as smart infrastructure, digital transformation, hydrogen economy and other emerging industries.
He outlined several mega projects under Saudi Vision 2030, including the Red Sea project, Qiddiya, Diriyah Gate, King Abdullah Financial District, Roshn and Al Ula, which offer significant investment opportunities.
These projects aim to transform Saudi Arabia into a leading global economic power and attract millions of tourists and foreign investors, he said.
Korea Times President-Publisher Oh Young-jin highlighted the Middle East as the current hub of global business activity, with Saudi Arabia leading the charge in transformative endeavors. He noted that while the region has experienced economic booms in the past, driven by oil in the 1970s and ‘80s, the current wave is propelled by imagination rather than natural resources.
“The driving force behind this transformation is imagination. And its scale is incomparable to 50 years ago,” Oh said. “Imagination is nothing but fiction if it cannot be realized. However, Saudi Arabia’s dream is based on the power and ability to make it a reality.”
Oh added that The Line project is a testament to Saudi Arabia’s unwavering commitment to realizing ambitious dreams.
Following introductions of the development projects in the first session of the event, the second session focused on economic cooperation between Korea and Saudi Arabia.
Panelists in the discussion session included Kim Jong-chul, director general for international trade relations at the Ministry of Trade Industry and Energy, Woo Jong-ha, a director at the Ministry of Land, Infrastructure and Transport, and Ryou Kwang-ho, senior researcher at the Korea Institute for International Economic Policy.
The third session touched upon tourism, with Saudi Tourism Authority highlighting the nation’s tourism resources and strategy.
Tuesday’s event was the fourth of its kind after its inaugural edition with Indonesia in February 2023, the second with Vietnam in May and the third with India in October.