[INTERVIEW] Saudi Arabia seeks greater cooperation with Korea in NEOM

The Korea Times

The Korea Times

National

Thu, November 30, 2023 | 20:01

Foreign Affairs

INTERVIEWSaudi Arabia seeks greater cooperation with Korea in NEOM

Posted : 2023-02-06 13:04

Updated : 2023-02-07 16:02

An illustration shows a rendering of Oxagon, a floating innovation island of NEOM / Courtesy of NEOM

Mega development project offers unlimited opportunities for bilateral partnership

By Kwon Mee-yoo

Nadhmi Al-Nasr, CEO of NEOM / Courtesy of NEOM

Korea and Saudi Arabia have a strong and long-standing relationship, particularly in the energy, infrastructure and construction sectors. This friendship is now poised to enter a new phase with NEOM, a massive smart city development project in northwestern Saudi Arabia, as Korea seeks to play a prominent role in the construction of the megacity.

Nadhmi Al-Nasr, CEO of NEOM, said Saudi Arabia views Korea as an indispensable partner and ally in the international arena and sees great potential for collaboration between the two countries in the NEOM project.

"We feel very fortunate to have collaborated with Korean companies on several leading-edge infrastructure projects over the past 50 years, which have strengthened both our nations," Al-Nasr said during a written interview with The Korea Times.

NEOM, announced by Saudi Crown Prince and Prime Minister Mohammed bin Salman Al Saud in 2017, is envisioned as a key component of Saudi Arabia's Vision 2030 plan with a goal to diversify the economy and enhance the quality of life in Saudi Arabia.

Al-Nasr, who has a wealth of experience working with some of Saudi Arabia's most renowned companies and initiatives, including Saudi Aramco and King Abdullah University of Science and Technology, now heads the unprecedented megacity project.

"A new development built from the ground up at the global crossroads, NEOM incorporates the world's most advanced technologies to redefine how we live, work and play," he explained.

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Korea already has a presence in NEOM by participating in the development of necessary infrastructure. However, Al-Nasr believes that there is greater potential for collaboration, beyond infrastructure.

"In June 2022, we awarded one of the world's largest drill and blast tunneling contracts, partially delivered by Korea's own Samsung C&T Corp. and Hyundai Engineering and Construction. As a result of this project, high-speed passenger and freight rail services will have separate tunnels, so that people and goods will move more easily, safely and quickly," he said.

"We are excited about the partnerships we are seeing between our two nations in the areas of finance, construction, infrastructure development, information technology and clean energy at NEOM; in particular, our current collaboration on THE LINE is supporting infrastructure and future opportunities such as a new green hydrogen plant in NEOM, a specialized NEOM-based digital currency system and other opportunities at regions such as Oxagon."

Korea's Land, Infrastructure and Transport Minister Won Hee-ryong makes a presentation at a roadshow to help Korean companies win construction projects in Saudi Arabia in November 2022. Korea Times file

Significant progress was made when Saudi's crown prince visited Korea, and Korea's own Land, Infrastructure and Transport Minister Won Hee-ryong paid a visit to Saudi Arabia, leading a delegation of Korean companies last November.

"The spirit of partnership and collaboration that Korean enterprises demonstrated throughout these visits, especially from the 22 companies that traveled with Mr. Won to Saudi Arabia in early November, indicates that the special relationship between our two nations' economies will be able to flourish at NEOM," Al-Nasr said.

Al-Nasr praised Korean enterprises for their commitments to leading-edge technological advancements and global dominance in the fields of information technology, infrastructure development and energy solutions.

"We particularly look forward to collaborating with Korea's construction and smart city-related companies, such as Samsung C&T and Hyundai E&C, who have extensive experience in building cities, such as Korea's new towns and Sejong smart city, as well as experience with state-of-the-art high-rise buildings such as the Burj Khalifa, Petronas Twin Towers and Taipei 101, to name just a few around the globe," the NEOM CEO said.

"Through this impressive track record, Korean enterprises have proven they share both NEOM and the Kingdom of Saudi Arabia's ambition to push the boundaries of modern engineering and design to achieve new heights of innovation. NEOM stands to benefit greatly from these Korean enterprises' forward-thinking solutions that will fuel the new future upon which NEOM will thrive."

According to Al-Nasr, the collaboration between Korea and Saudi Arabia in the NEOM project will be forever remembered as the byproduct of the successful and fruitful collaboration, both economically and diplomatically.

"Working closely together to bring NEOM to life will develop lasting ties between our two nations," he said.

meeyoo@koreatimes.co.kr