To Strengthen Cooperation in Green Energy Business
Samsung C&T announced on Nov. 2 that it has signed a memorandum of understanding (MOU) on comprehensive business cooperation with the Ministry of Investment of Saudi Arabia (MISA).
The Saudi Arabian government and Samsung C&T will first strengthen cooperation in the green energy business sector, which is being promoted by Saudi Arabia as part of Vision 2030, the kingdom’s national innovation strategies.
Samsung C&T plans to actively promote business cooperation with local institutions and companies that are leading large-scale green energy businesses in Saudi Arabia. The company is promoting the development of low-temperature tank technology for green energy storage transportation based on its experience in completing global renewable energy projects.
Samsung C&T will strengthen cooperation with the MISA to successfully complete large-scale urban development projects, including the Qiddiya Project, which involves building a large entertainment city. The two sides will cooperate comprehensively, including financing, in infrastructure expansion projects under Vision 2030, such as the construction of roads and ports, and power generation plants.