To look for business prospects, the Samsung Chairman visits the Middle East
According to some recent pieces of information, the chairman of the South Korean conglomerate Samsung visited the Middle East. Notably, the chairman visited Israel, Saudi Arabia, and Egypt. The visit made during the Chuseok holiday focused on exploring new business opportunities and encouraging employees. Since 2014, Lee Jae-yong has been practicing ‘holiday global field management.’
Usually, Samsung’s chairman meets with the CEOs of other international corporations to look into local enterprises. During this recent trip, the chairman paid a visit to the NEOM construction site. It is situated in the Tabuk Province, in northwest Saudi Arabia. The total project cost for the eco-friendly smart city NEOM, which is nearly 44 times the size of Seoul and covers an area of 26,500 square kilometers, is $500 billion. NEOM is a part of the ‘Vision 2030′ national reform project of Saudi Arabia. According to reports, Samsung C&T is engaged in the construction of a 12.5-kilometer underground railway line.
Samsung is looking to seize business prospects in the Middle East
“The Middle East is a ‘treasury’ full of potential food sources and opportunities for exhibiting innovative technologies,” Chairman Lee stated during his tour of the NEOM site. In addition to this, the chairman visited the Samsung Electronics factory in Beni Suef Province in central Egypt. The chairman inspected the factory sites associated with TV and tablet production. He discussed future business prospects with the officials. Furthermore, the company intends to construct a new smartphone production plant in Egypt in order to cater to the consumers of the Middle East smartphone market.
Lee received a briefing on the state of investment in cutting-edge startups and new technologies at the Samsung Electronics Israel R&D Center on September 28 during his business visit to Israel. Then, given Israel is a startup powerhouse, he went over the various approaches to securing creative technologies through open innovation. Through its international investment division, “Samsung Next,” Samsung is making investments in regional startups.
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