Samsung has revealed that its chairman, Lee Jae-yong, visited three Middle Eastern countries, including Saudi Arabia, Israel, and Egypt, during this year's Chuseok holiday to encourage employees and explore new business opportunities. Since Lee Jae-yong took charge of Samsung Electronics in 2014, he has been conducting ‘holiday global field management' for 10 years.
During this time, Samsung's chairman visits overseas business sites to inspect local businesses by interacting with CEOs of global companies. This time, chairman Lee Jae-Yong visited the NEOM construction site in Tabuk Province, northwest Saudi Arabia, in the Middle East. NEOM is an eco-friendly smart city spread over an area of 26,500 square kilometers, which is 44 times the size of Seoul, and the total project cost alone amounts to $500 billion.
It is also part of Saudi Arabia's ambitious ‘Vision 2030' national reform project, where Samsung C&T is involved in the construction of an underground railway, which will be a key means of transport for the NEOM city. Samsung C&T, a subsidiary of Samsung, is responsible for the construction of a 12.5 km railway line.
Samsung is aiming to secure business opportunities in the Middle East
Chairman Lee, during his visit to the NEOM site, said, “The Middle East is a ‘treasury’ full of future food sources and opportunities to demonstrate innovative technologies. Although we are currently struggling away from our families in a foreign country, let us take on the challenge boldly with the mindset that we are at the forefront where the future of global Samsung is at stake.”
Prior to Saudi Arabia, Lee visited the Samsung Electronics factory in Beni Suef Province in central Egypt. There, Lee inspected the TV and tablet production sites and discussed business opportunities with officials. Samsung also plans to build a new smartphone production plant in Egypt to target the Middle Eastern smartphone market.
On September 28, during his business visit to Israel, Lee received a report on the status of investment in innovative startups and new technologies at the Samsung Electronics Israel R&D Center. He then reviewed the different scopes of securing innovative technologies through open innovation since Israel is a startup powerhouse. Samsung is investing in local startups through its global investment subsidiary, ‘Samsung Next.'
