Samsung joins Saudi Qiddiya project

Michael Reininger, left, CEO of Qiddiya Investment Company, and Lee Young-ho, president and CEO of Samsung C&T, after signing a MoU on constructing an entertainment complex in Qiddiya. (AN Photo)
Updated 01 November 2019

Samsung joins Saudi Qiddiya project

  • The project is designed to build a mega entertainment complex that is more than half the size of Seoul and twice the size of Washington D.C.
  • The complex will feature a hotel, an outdoor entertainment facility, a motorsports center, a speed part stadium and an indoor ski center

SEOUL: Saudi Arabia and South Korea’s Samsung Group have agreed to collaborate on the Kingdom’s city development project in Qiddiya, officials told Arab News on Wednesday.
Qiddiya, located 40 km west of Riyadh, is referred to as Saudi Arabia’s future “capital of entertainment, sports and the arts.”
On Tuesday, the Qiddiya Investment Co. (QIC), a wholly owned subsidiary of Saudi Arabia’s Public Investment Fund, and Samsung Group signed an extensive memorandum of understanding (MoU) as part of the Kingdom’s Vision 2030 reform plan.
The MoU was signed by QIC CEO Michael Reininger and Lee Young-ho, president and CEO of Samsung C&T, a construction arm of the South Korean tech giant, at the Future Investment Initiative (FII) in Riyadh.
“The signing of this milestone MoU between Qiddiya and Samsung C&T, an industry leader and global pioneer, demonstrates our commitment to achieving our dual goals of creating an unprecedented destination that enriches the lives of Saudi citizens while driving social and economic diversification within the Kingdom,” Reininger said.
Kim Wan-soo, senior vice president of Samsung C&T, said the deal will further cement its strategic partnership with Saudi Arabia.
“We’re confident to leverage the full capabilities from both partners to deliver the most technologically advanced entertainment, sports and arts destination in the Kingdom,” he added.
Neither side revealed the value of the deal. The project is designed to build a mega entertainment complex that is more than half the size of Seoul and twice the size of Washington D.C., with the Saudi government investing nearly $8 billion.
The complex will feature a hotel, an outdoor entertainment facility, a motorsports center and an indoor ski center.
It is expected to attract about 17 million tourists from around the world once it is completed by 2030.
Under the MoU, Samsung C&T will collaborate on design, engineering and construction of Qiddiya’s sports complex, according to Samsung officials.
Samsung Electronics will become Qiddiya’s primary technology sponsor while building co-branding and naming rights for some of Qiddiya’ anchor facilities.
Other Samsung IT and security affiliates such as Samsung SDS will participate in the project as systems providers, the sources said.
“This is a very extensive deal to support Saudi Arabia’s up-to-date construction project, and is expected to be a stepping stone for boosting more businesses in the Kingdom and other countries in the region,” a Samsung spokesman told Arab News on condition of anonymity.
Samsung is prioritizing the Middle East, which the heir of Samsung Group has called “the land of opportunities.”
Lee visited Saudi Arabia in September to review Samsung’s ongoing construction works, including the Riyadh Metro Project.
During his stay, he met with Crown Prince Mohammed bin Salman to discuss expanding business cooperation in various fields, including technology, construction and energy.
Lee also met in Seoul with the crown prince, who was visiting South Korea’s capital for the first time to seal business deals worth $8.3 billion.


Saudi bridge continues to aid stricken in Lebanon

KSRelief provided urgent food supplies to affected people living in the areas adjacent to the port, covering 500 families. (SPA)
Updated 18 min 19 sec ago

Saudi bridge continues to aid stricken in Lebanon

  • So far, 290 tons of aid transported to provide urgent humanitarian needs to people affected by explosion

JEDDAH: Aid continues to flow into the Lebanese capital Beirut, as the fourth Saudi air bridge plane operated by the King Salman Humanitarian Aid and Relief Center (KSRelief) arrived on Sunday.
Ninety tons of emergency aid was flown in on the flight, including medical materials and equipment, foodstuff and shelter supplies. Medicines, burn treatments, medical solutions, masks, gloves, sterilizers and other surgical materials will be distributed by special teams on the ground.
The plane also carried food baskets that included flour and dates as well as shelter materials such as tents, blankets, mattresses, and utensils.

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So far, 290 tons of aid has been transported from Saudi Arabia to Lebanon as per the directives of King Salman to provide urgent humanitarian aid to the Lebanese people affected by the explosion at the Port of Beirut.
This aid was provided based on an assessment report of the necessary humanitarian needs resulting from the explosion, in coordination with the Saudi Embassy in Beirut, and the KSRelief branch in Lebanon.
This comes as an extension of the efforts made by Saudi Arabia to show solidarity with the Lebanese people and to provide relief to those affected by the disaster.

FASTFACT

So far, 290 tons of aid has been transported from Saudi Arabia to Lebanon as per the directives of King Salman to provide urgent humanitarian aid to the Lebanese people affected by the explosion at the Port of Beirut.

KSRelief provided urgent food supplies to affected people living in the areas adjacent to the port on Sunday, covering 500 families.
Saudi Ambassador to Lebanon Waleed bin Abdullah Bukhari told Arab News that special committees would oversee and review reports on the Lebanese people’s needs.
“Aid will continue to flow into Lebanon after assessing the required needs of the Lebanese people in cooperation with the relevant authorities in Lebanon,” he said.
Countries around the world have come together to help Lebanon in the wake of the explosion on Aug. 4, which devastated large areas of Beirut, damaging and destroying infrastructure, buildings and homes, including all port facilities and the country’s grain storage silos.