Global tech giant Samsung switched on to ‘new opportunities’ in Saudi Arabia

Lee Jae-yong, vice chairman of Samsung Electronics, wants to open up new business channels and diversify the economy on the back of the Saudi Vision 2030 reform plan.
Updated 19 September 2019
Follow

Global tech giant Samsung switched on to ‘new opportunities’ in Saudi Arabia

  • Lee on Sunday reviewed the progress of the Riyadh Metro Project which is being led by Samsung C&T

SEOUL: The heir to South Korea’s tech giant, Samsung Group, who is currently on a visit to Saudi Arabia, has stepped up efforts to grow business links in the Kingdom’s “land of opportunities.”

Lee Jae-yong, vice chairman of Samsung Electronics, wants to open up new business channels and diversify the economy on the back of the Saudi Vision 2030 reform plan, officials told Arab News on Wednesday.

In his first visit to an overseas construction site, Lee on Sunday reviewed the progress of the Riyadh Metro Project which is being led by Samsung C&T, the construction and trading arm of the tech conglomerate.

Under a consortium with Spanish and French firms, Samsung C&T is responsible for building six subway lines covering 168 kilometers. Initiated in 2013, the project will be Saudi Arabia’s first public transportation construction work to be completed by 2020. During his site tour, Lee spoke to workers, calling the Middle East “a land of opportunities in the 21st century.”

FASTFACT

Samsung chief moves to grow business links, diversify economy under Kingdom’s Vision 2030.

Leading the multinational group in place of his bedridden father, Lee Kun-hee, the tech chief added: “I’m very proud of you working on the site even during the Chuseok (Korean thanksgiving) holiday apart from your family members. I’m really proud of you. I’m confident your efforts will bear valuable fruit in the future.”

On Wednesday, Lee met with Crown Prince Mohammed bin Salman to discuss measures for expanding business opportunities in a variety of fields, including technology, construction and energy, which are key to the Kingdom’s plan to build smart cities, a Samsung official told Arab News.

It was Lee’s second meeting with the crown prince in three months after the Saudi royal visited Seoul for talks with President Moon Jae-in and South Korean business leaders. During his trip, the crown prince signed an $8.3 billion (SR31.1 billion) economic cooperation pact in the fields of energy, automotive, and others.

“Vice chairman Lee met a range of Saudi officials to discuss issues of bilateral cooperation,” the official said. “The bottom line is Samsung is very much interested in Saudi’s economic reform plan from the traditional oil-dependent economy to a tech-based one and exploring fields of potential business opportunities based on the company’s state-of-the-art technology.”

Samsung C&T, in particular, has a competitive edge in so-called smart construction technology, which is expected to be suitable to Saudi’s roadmap to build smart cities. The official added that the engineering affiliate had applied Internet of Things (IoT) technologies to its new apartment complex in South Korea to add convenience, security and wellness to the living place.

Samsung has also been pitching its 5G wireless technology to Middle Eastern customer nations. Saudi Arabia is on the cusp of implementing a 5G network across the Kingdom in line with the Vision 2030 initiative. 

The up-to-date communication technology is believed to be more than 10 times faster than 4G.

Saudi Arabia has constructed 1,000 5G base stations and the fifth-generation network is expected to support 45 million IoT devices in the country.

“Samsung is at the forefront with global operators in bringing 5G benefits to consumers, industries and societies by helping them deliver 5G commercial networks,” said Jeon Jaeho, executive vice president and head of research, development, and networks business at Samsung Electronics.

Samsung’s investment in the Saudi-backed Vision Fund was also on the agenda for discussion, another Samsung source told Arab News. Japan’s SoftBank launched its first Vision Fund in 2016 after signing a deal with the crown prince to create the world’s biggest buyout fund. SoftBank has unveiled a second investment fund with the Saudi Public Investment Fund and Abu Dhabi’s sovereign wealth fund Mubadala Investment on board.

The tech firm has also upped efforts to expand its foothold in Middle East markets and woo deep-pocketed customers amid flagging demand for premium smartphones worldwide.

In February, Lee met with Abu Dhabi Crown Prince Sheikh Mohammed bin Zayed Al-Nahyan. When the crown prince visited Samsung’s manufacturing facilities outside the capital, Lee showcased Samsung’s technologies of the 5G mobile communication network, semiconductors and artificial intelligence.

Under the strategy for the Fourth Industrial Revolution adopted in 2017, the UAE plans to build a nationwide 5G infrastructure before the Expo 2020 in Dubai.


Saudi cabinet reviews Arab-Muslim summit, reaffirms support for Palestine and Lebanon

Updated 53 min 42 sec ago
Follow

Saudi cabinet reviews Arab-Muslim summit, reaffirms support for Palestine and Lebanon

  • Central to the session was a review of the extraordinary Arab and Islamic summit held in Riyadh on Monday

RIYADH: The Saudi cabinet, led by Crown Prince Mohammed bin Salman, convened in Riyadh on Tuesday to discuss outcomes from recent high-level summits and meetings.

Central to the session was a review of the extraordinary Arab and Islamic summit held in Riyadh on Monday and the crown prince’s engagements with leaders from various countries.

The cabinet praised the summit’s outcomes and welcomed its signing of the Tripartite Mechanism Document to Support Palestine, a joint initiative by the Organization of Islamic Cooperation, the League of Arab States, and the African Union Commission.

The cabinet reiterated the Kingdom’s support for the Palestinian and Lebanese people as they face the severe humanitarian effects of the ongoing Israeli military action. It called on countries around the world to join an international coalition advocating for the two-state solution — a plan initiated this year by the Arab-Islamic Ministerial Committee, led by Saudi Arabia, in partnership with the European Union and Norway.

During the session, the crown prince briefed the cabinet on his recent discussions with President Masoud Pezeshkian of Iran, Japanese Prime Minister Shigeru Ishiba, and a phone conversation with US President-elect Donald Trump.

The minister of media announced that the cabinet expressed its appreciation for the Kingdom’s Arab Week at UNESCO initiative, hosted at UN headquarters in Paris, for enhancing cultural dialogue and promoting understanding among diverse communities.

On domestic matters, council members commended the reception of the Saudi medical team that accomplished the world’s first complete robotic heart transplant. 

It also celebrated the success of the Beban 24 Forum’s 10th edition in Riyadh, which produced agreements and initiatives exceeding SR35.4 billion ($9.42 billion) aimed at bolstering entrepreneurship and enhancing the contribution of small and medium enterprises to the national gross domestic product.


Indian film icons Bobby Deol, Suriya hail Riyadh visit

Updated 12 sec ago
Follow

Indian film icons Bobby Deol, Suriya hail Riyadh visit

  • The duo are in the Kingdom’s capital to promote epic saga ‘Kanguva,’ in theaters on Nov. 14

RIYADH: Bollywood icon Bobby Deol and Tamil cinema veteran Suriya spent time with fans and members of the press to promote their new film “Kanguva” in Riyadh.

They are among the latest international stars to visit the Kingdom’s capital and interact with local fans of their work.

“Kanguva” is an epic fantasy action film directed by Siva, starring Suriya, Deol, and Disha Patani, which hits the Kingdom’s theaters on Nov. 14.

Over the past few weeks, Suriya and Deol have been promoting “Kanguva” across India and abroad. (Supplied)

Speaking to fans at an event in Riyadh this week, Deol expressed his appreciation for fans in Saudi Arabia. “Today I am here with all of you, and so many of you. I am happy to be here among you all. I love you, Suriya loves you, we all love you for so much of your love and compassion,” he said.

Speaking about his first visit to Riyadh, Deol added: “I feel so happy that our people live here and are liked by the host country. I am glad to see you all. It’s your energy, it’s your love that gives us strength, and whatever we are today, it’s because of your love.

“So, thank you so much for having us here today.”

HIGHLIGHT

Bobby Deol and Suriya are among the latest international stars to visit the Kingdom’s capital to promote their film.

Suriya is in Riyadh for the first time for the film’s promotion.

The style icon told Arab News: “I am happy to be among our people living here and to see a lot of transformation going on in the Kingdom, including in the cinema sector, thanks to Vision 2030 — the ambitious plan to transform Saudi Arabia, diversify its economy and open to the world.

Deol said he is geared up for the release of “Kanguva,” his first multilingual work in both Tamil and Hindi. (AN photo by Rashid Hassan)

“It aims to create an ambitious nation, a thriving economy, and a vibrant society that allows citizens and residents to achieve their dreams, hopes and aspirations, I am happy to see the transformation,” the actor added.

Suriya and Deol also spoke about sharing the screen in “Kanguva,” admiring each other’s roles and working together.

Deol said he is geared up for the release of “Kanguva,” his first multilingual work in both Tamil and Hindi. He shared his admiration for Suriya, highlighting the powerful presence the actor brings on the screen.

Over the past few weeks, Suriya and Deol have been promoting “Kanguva” across India and abroad.

With Suriya in a double role and Deol as a dangerous villain, the film was made with a budget of over $35million and is one of the most anticipated Indian films of the year.

The film also features Patani as a character connected to both a historical and contemporary timeline. Primarily known for her glamorous roles, action-packed sequences and songs, this role portrays her in a fresh look.

 


Speaker of Shoura Council leads Saudi delegation at GCC Shoura meeting in Abu Dhabi

Updated 5 min 53 sec ago
Follow

Speaker of Shoura Council leads Saudi delegation at GCC Shoura meeting in Abu Dhabi

  • Secretary-General of the Gulf Cooperation Council Jasem Al-Budaiwi emphasized the prominent regional and international standing of the GCC across political, economic, commercial, and information technology levels, the council said in a report

RIYADH: Saudi Shoura Council Speaker Sheikh Abdullah bin Mohammed bin Ibrahim Al-Sheikh headed the Kingdom’s delegation at the 18th periodic meeting of the Speakers of the Shoura Councils, Houses of Representatives, and National Assemblies of the Gulf Cooperation Council states in Abu Dhabi on Tuesday.

Secretary-General of the Gulf Cooperation Council Jasem Al-Budaiwi emphasized the prominent regional and international standing of the GCC across political, economic, commercial, and information technology levels, the council said in a report.

The Kingdom’s delegation included Secretary-General of the Shoura Council Mohammed Dakhil Al-Mutiri and members of the Shoura Council Fadel bin Saad Al-Buainain and Dr. Arwa bint Obaid Al-Rashid, among others.

 

 


Saudi Arabia highlights military growth at Airshow China

Updated 12 November 2024
Follow

Saudi Arabia highlights military growth at Airshow China

  • Kingdom’s defense industry aims to forge global partnerships at Zhuhai event
  • Defense sector is projected to contribute $17 billion to the Saudi economy by 2030

RIYADH: Military products and the achievements of both government bodies and national companies are highlighted at the Saudi pavilion at this year’s China International Aviation and Aerospace Exhibition.

Airshow China 2024, one of the world’s largest aviation expos, started in Zhuhai on Tuesday and will run until Nov. 17.

The Saudi pavilion features military products, particularly in aviation, and turns the spotlight on national companies that work in military industries. It also underscores efforts to boost national manufacturing capabilities and the aim of localizing over 50 percent of government spending on military equipment and services by 2030.

Launching events at the pavilion was the governor of the General Authority for Military Industries, Ahmad Al-Ohali, who was joined by Chief of Staff Lt. Gen. Fayyad Al-Ruwaili and the Saudi ambassador to China, Abdulrahman Al-Harbi. Other officials, international investors and aviation and aerospace decision-makers were also present.

Al-Ohali said: “This strategic participation, occurring for the first time in China, aims to enhance the Kingdom’s global presence in the military industries sector and to solidify its position as one of the fastest-growing economies among the G20 nations.

“Our participation also seeks to establish fruitful international partnerships to empower and develop the military industries sector, while also promoting the Kingdom’s message of welcoming investors from around the world. Additionally, it aims to highlight the key objectives of Saudi Vision 2030 within the military sector.”

The defense sector is projected to contribute $17 billion to the Saudi economy by 2030, with a $9 billion addition to non-oil revenues. This will generate 100,000 direct and indirect jobs by the end of the decade.

The Saudi pavilion features government bodies such as the Ministry of Investment and the General Authority for Defense Development, as well as public national companies such as the National Company for Mechanical Systems, Saudi Wakeb Company for Artificial Intelligence and Autonomous Systems, Milestone Aviation, and Homat Al-Watan Co.

The General Authority for Military Industries works closely with partners and government bodies to empower national and international companies in the military industry, enhance the defense sector’s potential, and create investment opportunities.

It also focuses on localizing cutting-edge aerospace technologies to support Saudi economic growth and strengthen defense and security independence.


‘Greening Arabia’ offers pioneering forum for a sustainable future

Updated 12 November 2024
Follow

‘Greening Arabia’ offers pioneering forum for a sustainable future

  • The event promises to be a vibrant hub of innovation and collaboration

RIYADH: As Saudi Arabia prepares to host the 16th Conference of the Parties to the UN Convention to Combat Desertification, it is also taking significant strides toward environmental stewardship.
The National Center for Vegetation Cover Development and Combating Desertification is organizing the International Exhibition and Forum on Afforestation Technologies’ second annual “Greening Arabia” event, which will run from Dec. 2-13.
The event promises to be a vibrant hub of innovation and collaboration, featuring participation from government bodies, private enterprises, non-profit organizations, and leading experts from around the globe.
Attendees will include prominent local and international companies specializing in cutting-edge afforestation technologies, making it a unique opportunity to explore the latest advancements in combating desertification and drought.
IEFAT is a pivotal platform for discovering new environmental, economic, and knowledge-based opportunities.
The forum fosters strategic partnerships that can drive impactful change by bringing together diverse stakeholders — from environmental and renewable energy industries to sustainable enterprises and non-profits.
“Greening Arabia” aims to harness advanced technologies to enhance afforestation in arid environments and rehabilitate degraded lands.
The event will encourage participation in the Saudi Green Initiative, empowering local and international communities to embrace afforestation as a vital practice. It will also showcase innovative tools and methodologies, giving specialized companies the chance to present their groundbreaking products and projects.
Participants will engage in discussions on best practices in environmental economics, creating a shared vision for a sustainable future. The forum will identify investment opportunities in greening technologies and vegetation cover.
The COP16 president, Saudi Arabia’s Minister of Environment, Water, and Agriculture Abdulrahman Al-Fadley, said: “This is a pivotal moment for our planet. Land restoration is vital to securing a prosperous future for generations to come.”
He made his statement at the “Road to Riyadh” event on the sidelines of the UN General Assembly on Sept. 27.
“It is crucial the international community unites to deliver ambitious and lasting solutions that curb land degradation, combat drought, and promote the sustainable use of natural resources,” added Al-Fadley.
He noted that Saudi Arabia’s hosting of COP16 reflects its commitment to both domestic and international environmental preservation and restoration, highlighting the Saudi Green Initiative, the Middle East Green Initiative, and the G20 Global Land Initiative.