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Leading Korean telecom company KT has signed an agreement with Hyundai Engineering & Construction (Hyundai E&C) and Saudi group stc, an engine of digital transformation, to spearhead the establishment of key digital infrastructure in Saudi Arabia, a venture set to span for the next 50 years.
This MoU signifies a commitment to combining KT's digital transformation (DX) capabilities and expertise with Hyundai E&C's acumen in smart construction and construction capabilities, synergized with stc group's excellent network infrastructure.
Together, they will undertake the ambitious endeavor of constructing internet data centers (IDC), smart cities, charting a comprehensive path towards augmenting Saudi Arabia's digital infrastructure.
Announcing the strategic collaboration at the 'Korea-Saudi 50th Anniversary Construction Cooperation Event' held in Riyadh recently, KT Group CEO Kim Young Shub said: "It is an immense honour for us to represent the Korean ICT companies in the realm of economic cooperation between Korea and Saudi Arabia."
He pointed out that leveraging the wealth of business experience and ICT solutions acumen the group has cultivated both domestically and overseas, it was eager to play a vital role as Saudi Arabia's digital innovation partner.
"Furthermore, as a member of One Team Korea, we are poised to collaborate closely with the government and corporate entities to realize tangible outcomes that are mutually beneficial for Korea and Saudi Arabia," he added.
This event, hosted by the Ministry of Land, Infrastructure and Transport (MOLIT) of Korea, saw the signing of a deal with Hyundai E&C and stc group to catalyze the digital transformation of Saudi Arabia.
Young Shub formally signed the MoU with Hyundai Engineering & Construction CEO Yoon Young Joon stc group CEO and Olayan Alwetaid at the special ceremony which was attended by Korean President Yoon Suk Yeol and Minister Won Hee-ryong.
In April 2016, Saudi Arabia unveiled an ambitious reform plan 'Saudi Vision 2030' aimed at diversifying its oil-centric industrial framework.
Central to this vision was the significant expansion of smart infrastructure and DX across all industries, fostering a rapid advancement in the nation's digital landscape, encompassing the expansion of IDCs and the realization of smart cities.
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