South Korean president and Prince Alwaleed discuss economic issues

Prince Alwaleed bin Talal, chairman of Kingdom Holding Company (KHC), met with Park Geun-hye, president of the Republic of Korea, at the King Saud Palace, during her recent visit to the Kingdom.

The accompanying delegation included Ahmad Yunus Al-Barrak, Saudi Arabian ambassador to Korea.

The meeting began as Prince Alwaleed welcomed President Park Geun-hye.

During the meeting, the two discussed a number of social and economic issues, and President Park Geun-hye commended Prince Alwaleed for his support to the Republic of Korea on the economic front.

Also on the agenda of discussions was an invitation to Prince Alwaleed to visit Korea.

In response, Prince Alwaleed promised to visit Korea in the near future.

In addition, Prince Alwaleed had signed an MoU with Hank Ahn, chairman and CEO of Korea Investment Corporation (KIC) on Tuesday at KHC offices in Riyadh.

This strategic partnership aims at generating opportunities in private equity investments and the exchange of investment opportunities between both parties globally.

Furthermore, this partnership is the first of its kind between an investment holding company and a leading sovereign wealth fund.

The prince’s investment in Korea through KHC is in the financial sector via Citigroup. Prince Alwaleed also had investments in Korea in both Daewoo Corporation and Hyundai Motors.

In January 2015, Prince Alwaleed received at his office in Riyadh Lee Myung-bak, former president of Korea and an accompanying delegation.