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Business deals

Saudi Arabia inks deals with Samsung, Hyundai and other companies

Crown prince discusses NEOM smart-city project, defense with South Korea's leader

An image of Saudi Arabia Crown Prince Mohammed bin Salman is seen in a welcome advertisement in Seoul on Nov. 16. The desert kingdom's de facto ruler is visiting South Korea.   © Getty Images

SEOUL -- Saudi Arabia on Thursday took advantage of a high-profile visit to South Korea by Crown Prince Mohammed bin Salman to sign contracts and preliminary agreements with Samsung, Hyundai Motor and other conglomerates for investments in the desert kingdom, including the massive NEOM smart city project.

Saudi Arabia's Ministry of Investment signed a memorandum of understanding with Hyundai Rotem, a Hyundai Motor unit focused on railways and defense, to cooperate in building railways for NEOM -- a futuristic, $500 billion urban development project -- as well as to develop hydrogen-powered trains.

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