Saudi Arabian Ambassador to Korea Sami Alsadhan (The Korea Herald)

Saudi Arabian Ambassador to Korea Sami Alsadhan expressed hopes for greater cooperation between the two countries beyond construction and energy to smart infrastructure, hydrogen and other new industries at the Global Business Forum held in Seoul on April 26.

Korea is a strategic partner in "Saudi Arabia Vision 2030," a reform blueprint to reduce the Middle Eastern country’s dependence on oil, diversify its economy and develop public service sectors such as health, education, infrastructure, recreation and tourism.

“There are many investment opportunities in Saudi Arabia, and there are many giga-projects such as the Red Sea Project, Roshan, Qiddiya and of course the megaproject of the city of Neom,” Alsadhan said during the forum held at the Ambassador Seoul hotel. Neom is a planned smart city in Tabuk Province in northwestern Saudi Arabia.

“Korea already has a presence in Neom by participating in the development of necessary infrastructure. However, we believe that there is greater potential for collaboration, beyond the aforementioned projects.”

Two weeks ago, Saudi Crown Prince Mohammed bin Salman launched four new Special Economic Zones in Saudi Arabia, located in Riyadh, Jazan, Ras al-Khair and King Abdullah Economic City.

“The new Special Economic Zones will provide tremendous opportunities to develop the local economy, generate jobs and localize supply chains. With a detailed program of regulations and incentives, these zones offer rewarding and attractive offers for foreign investment,” the ambassador said.

Also during the GBF, Yang Sung-min, senior vice president of global marketing at Daewoo Engineering and Construction, shared forecasts for the Middle Eastern construction market and hydrogen economy.

Middle Eastern economies have shown steady growth over the past two years due to high international oil prices, and Saudi Arabia’s construction market is expected to grow 4.7 percent on average annually through 2026, Yang said.

The GBF, organized by The Korea Herald, is an association of experts in a wide range of fields, including business leaders, scholars, diplomats and celebrities, aiming at providing comprehensive views on industrial changes.

The third edition of the GBF, which began on Feb. 15, runs through May 17 with a total of 13 sessions.