Prince Alwaleed bin Talal, chairman of Kingdom Holding Company (KHC), signed an MoU with Hank Ahn, chairman and CEO of Korea Investment Corporation (KIC) in Riyadh.

This strategic partnership aims at generating opportunities in private equity investments and the exchange of investment opportunities between both parties globally.

Furthermore, this partnership is the first of its kind between an investment holding company and a leading sovereign wealth fund.

Sarmad Zok, chairman and CEO of KHI and member of KHC’s board of directors, Adel Alsayed, executive director for Private Equity, International Investments, Mohammed Fahmy, KHC’s CFO and Fahad bin Saad bin Nafel, executive assistant to the chairman, were also present at the signing ceremony.

The prince’s investment in Korea through KHC is in the financial sector via Citigroup.

Prince Alwaleed also had investments in Korea in both Daewoo Corporation and Hyundai Motors.

In January 2015, Prince Alwaleed received at his office in Riyadh Lee Myung-Bak, former president of Korea and an accompanying delegation.