25 contracts and memorandums of understanding were concluded in various industrial fields between Saudi companies and major Korean companies, on the sidelines of the visit of Saudi Crown Prince Mohammed bin Salman to South Korea.

Among the contracts, 5 contracts were signed between Korean companies and the Saudi Ministry of Investment, 17 contracts between Korean public and private institutions and Saudi public and private institutions, and 3 contracts between "S-Oil," affiliated with "Aramco," and Korean construction companies.

The signed projects are estimated to be massive projects, with the estimated value of each project approaching more than one trillion won.

The "Shaheen" project implemented by "S-Oil" to establish the second phase of refining facilities in Ulsan is the largest foreign investment project as a single project in Korea. The "Shaheen" project is a huge project to establish "Steam Cracker" and "Olypen Downstream" facilities in the coastal city of Ulsan in southeastern Korea, where "S-Oil" officially announced its investment in the project coinciding with the visit of Crown Prince Mohammed bin Salman.

Many projects related to the "NEOM Smart City" project, the ambitious Saudi project, were also concluded between the governments, Saudi institutions, and Korean companies.

The "NEOM City" project is considered a long-term national project to build a massive new city announced by Saudi Crown Prince Mohammed bin Salman in 2017 to avoid the economic structure dependent on oil.

The project involves building a modern futuristic city east of the Aqaba Strait between the Arabian Peninsula and Egypt, valued at 500 billion dollars.

Also, Korea Electric Power Corporation, Namdo Power Generation Company, Korea Petroleum Corporation, POSCO Steel and Iron Company, and Samsung Trading Company signed a memorandum of understanding with the Saudi Public Investment Fund to build a green hydrogen and ammonia plant valued at 6.5 billion dollars.

Samsung Trading and Engineering Company signed a memorandum of understanding with the Saudi Public Investment Fund related to the "NEOM Vita Complex" project to build 10,000 housing units in NEOM city, while Korea Electric Power Corporation signed a memorandum of understanding to implement the green hydrogen project with ACWA Power Saudi Arabia.

Hyundai Rotem Company agreed with the Saudi Railway Authority to cooperate regarding the railway project in NEOM city, valued at 2.5 trillion and 500 billion won. If the company wins the project, it will be the first case of exporting high-speed trains abroad.

Besides these deals, memorandums of understanding were signed between local companies in electricity, synthetic oils, pharmaceuticals, and games with the Saudi Ministry of Investment.

Steps were also taken to cooperate in the manufacturing sector among many local companies, as well as in biotechnology, smart agriculture, engineering services, and recycling factories.

On the occasion of the visit of the Saudi Crown Prince to South Korea, the "Korea-Saudi Investment Forum" was held under the auspices of the Korean Ministry of Industry, Trade and Energy and the Saudi Ministry of Investment today Thursday at the Korean Chamber of Industry and Commerce in central Seoul, in the presence of about 300 officials representing the Korean and Saudi governments and the economic sector in both countries.