Lee Jae-yong, vice chairman of Samsung Electronics is interested in opening up new business channels and diversify the economy on the back of Saudi Vision 2030. In his first visit to the Kingdom of Saudi Arabia, he reviewed the progress of the Riyadh Metro Project, which is being lead by Samsung C&T, the construction and trading arm of the conglomerate.
Samsung C&T is responsible for building six subway lines cover 168 kilometers. Initiated in 2013, the project will be Saudi Arabia's first public transportation construction work to be completed by 2020. During the visit, Lee also said that the Middle East is a land of opportunities in the 21st century.
He also met the crown prince Mohammed bin Salman to discuss measures for expanding business opportunities in a variety of fields. These include technology, construction and energy, which are key to the country's plan to build smart cities. This was Lee's second meeting with crown prince, three months after the prince had signed an USD8.3 billion economic cooperation pact, when he visited Seoul in South Korea.
Samsung C&T has the competitive edge which suitable to Saudi's roadmap to build smart cities. The engineering affiliate has applied Internet of Things (IoT) technologies to its new apartment complex in South Korea to add convenience, security and wellness to the living place. Furthermore, Samsung has been pitching its 5G wireless technology to the Middle East with Saudi Arabia on the cusp of implementation. 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. The technology giant has also upped efforts to expand its foothold in Middle East markets and woo customers amid flagging demand for premium smartphones worldwide.