Saudi Arabia’s Public Investment Fund (PIF) has signed a memorandum of understanding (MoU) with South Korea’s Samsung C&T Corporation Engineering & Construction Group, the sovereign wealth fund said in a tweet.

The MoU aims to explore opportunities for joint collaboration in adopting and developing innovative technologies that support PIF’s real estate and construction projects.

In January 2022, PIF signed an MoU with South Korea’s Posco and Samsung C&T to develop a new green hydrogen production plant.

“Samsung C&T will be a close partner to Saudi Arabia, with aims to help position the Kingdom to be one of the largest hydrogen exporters globally,” said Oh Se-chul, President and CEO of Samsung C&T.

(Editing by Seban Scaria