Samsung Chief Visits Middle East To Explore New Businesses

Lee Jae-yong, CEO of Samsung Electronics and de facto head of Samsung Group, visited Saudi Arabia, Egypt and Israel during the Chseok holiday to explore new business opportunities.

He also visited ongoing projects in the Middle East operated by Korea's largest company, the group said.

“The CEO took advantage of this year's Chuseok holiday, the Korean Thanksgiving holiday, to visit three countries in the Middle East. Since he took over as CEO in 2014, Lee has traveled abroad every holiday to visit local businesses and meet global leaders,” Samsung said.

Lee's visit to the Middle East comes a year after he visited the construction site of the Barakah nuclear power plant in the United Arab Emirates (UAE), shortly after taking over as CEO of Samsung Electronics last year.

In Saudi Arabia, Lee visited the NEOM tunnel construction site in the northwestern province of Tabuk, a metropolis in which Samsung C&T is involved.

NEOM is a futuristic new city being built as part of Saudi Arabia's ambitious national reform project Vision 2030, and Samsung C&T is involved in the construction of the subway, a key transportation and logistics tool for NEOM.

Last year, Samsung began tunneling the C&T Backbone section, the main transportation network and infrastructure of The Line, a residential area located in one of the four NEOM districts. In total, the company is building 12.5 km of tunnels.

During a meeting with employees working in Saudi Arabia, Lee said: “The Middle East is a treasure trove of opportunities for future growth and innovative technology. »

"Even though we are far from our families, let's try to be at the forefront of securing Samsung's future around the world," added the CEO.

Lee also sent seafood gifts to his employees in Korea to thank their loved ones overseas for their hard work even as Korea celebrates the Chuseok holiday.

Before his visit to Saudi Arabia, Lee visited the Samsung Electronics factory in Beni Suef, central Egypt, where he toured the TV and tablet manufacturing plants and discussed Samsung's business strategy in the region.

Egypt is a springboard to the Middle East and Africa, and Samsung has been manufacturing TVs, monitors and tablets there since 2012.

"Samsung Electronics plans to build an additional smartphone manufacturing plant in Egypt targeting the Middle East smartphone market," the company said.

On September 28, a Samsung director visited Samsung's research center in Israel to see the state of investment in innovative startups and new technologies, and discussed ways to ensure the safety of innovative technologies.

As a new technology nation, Israel is home to more than 7,000 innovative technology startups, including artificial intelligence, semiconductors, biotech and autonomous driving, and Samsung operates the Israel Research Center and Samsung Research Israel to ensure the safety of new technologies.

For more information, visit www.koreatimes.co.kr.

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