Saudi Arabia signs $30 bln investment agreements with South Korean firms

Minister of Investment Khalid Al-Falih

Saudi Arabia signed investment agreements worth nearly $30 billion with South Korean firms, Minister of Investment Khalid Al-Falih told Asharq Business.

The agreements will be a new leap in partnership between the two countries.

Elsewhere, CEO of Saudi Venture Capital Co. (SVC), Nabeel Koshak, said an agreement was signed with the South Korean counterpart to establish seven specialized funds, which will finance venture capital projects in both countries.

Further, the Riyadh-based Alfanar Construction Co. signed three agreements with South Korean firms at a total value of nearly SAR 7 billion in the fields of electricity and industry localization in the Kingdom.

Crown Prince and Prime Minister Mohammed bin Salman arrived on Nov. 16 at Seoul in an official visit, Argaam earlier reported.