As part of the deal, Samsung C&T Corp will build modular homes in the Kingdom in a joint investment with PIF
A collaboration agreement has been signed by Saudi Arabia’s Public Investment Fund (PIF) and Engineering & Construction Group. The latter is a key unit of engineering company Samsung C&T Corporation. The deal will see the firms adopt and develop innovative technologies that support Saudi’s real estate and construction projects.
As part of the deal, Samsung C&T Corp will build modular homes in the Kingdom in a joint investment with PIF. These residential units will either be deployed in Neom or in Riyadh, according to a report by The Korea Economic Daily, which cited a senior Korean minister.
The deal was signed by South Korea’s Minister of Land, Infrastructure and Transport Won Hee-ryong at a meeting hosted by PIF Governor Yasir Othman Al Rumayyan in Saudi Arabia.
In early January 2023, PIF and Ma’aden signed a JV to establish new entity to invest in global mining assets and later in the month, it was announced that Saudi’s new Event Investment Fund (EIF) would develop 35 venues by 2030.
“South Korean companies are expanding cooperation with the PIF for various sectors such as green hydrogen production, the Qiddiya project, as well as housing complex and urban development plans. We hope South Korean companies with abundant information and communication technology and urban development experience can contribute to realising Saudi Vision 2030 by participation in the Red Sea and Qiddiya projects,” explained Won.
Later, at a real estate forum organised by the Ministry of Municipal and Rural Affairs and Housing, the minister gave a keynote presentation focused on cooperation between the two countries on smart cities.
Won also signed a separate deal with the ministry on a smart city cooperation execution programme, which included a plan to hold working-level meetings in Seoul and Riyadh twice a year. As part of his Middle East visit, Won also made stops in Qatar and Iraq with the goal of enabling South Korean companies to win deals in the Middle East.
In late January 2023, RSG awarded a US $266mn contract to AL-AYUNI for first phase of development at Amaala.
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