Ministry of Land,Infrastructure and Transport

Minister WON Hee-ryong of the MOLIT, who has been promoting sales diplomacy in the three Middle Eastern countries (Saudi Arabia, Iraq, and Qatar) under the One-Team Korea expecting to achieve USD 50 billion of overseas construction annually, had a meeting with H.E. Yasir bin Othman Al-Rumayyan, Governor of the Public Investment Fund (PIF) of Saudi Arabia on 24 January and revealed that they drew up a detailed MOU related to modular cooperation between Samsung C&T and the PIF.

With this MOU, strategic partnerships between Korean companies and the PIF of Saudi Arabia have materialized, including establishing and operating Samsung C&T’s modular manufacturing facilities in Saudi Arabia, etc. and it is meaningful for Korean companies in that by utilizing the modular, it has laid the foundation for active entry into mega projects in the Middle East region such as Neom City and so forth.