Saudi Arabian megaproject promises windfall for South Korea but carries risks



Analysis Saudi Arabian megaproject promises windfall for South Korea but carries risks Yoon has shown few qualms about economic cooperation with Middle Eastern state despite seeking to boost human rights John LeeNovember 22, 2022 SHARE COPY LINK FACEBOOK X LINKEDIN MASTODON South Korean President Yoon Suk-yeol and Saudi Arabian Crown Prince Mohammed Bin Salman at the Yongsan presidential office on Nov. 17, 2022 \| Image: The Presidential Office For South Korean government officials and businesses, Saudi Crown Prince Mohammed bin Salman’s visit last week was like an early Christmas — and not simply because he booked 400 rooms at Lotte Hotel Seoul for two weeks for his entourage, including a $16,449-per-night suite for himself. The visit marked bin Salman’s first to South Korea since 2019, and President Yoon Suk-yeol’s top priority was to seek greater cooperation between Seoul and Riyadh, including Saudia Arabia’s futuristic $500 billion desert city megaproject Neom. Riyadh envisions Neom will be 44 times larger than Seoul, and many South Korean media outlets © Korea Risk Group. All rights reserved. No part of this content may be reproduced, distributed, or used for commercial purposes without prior written permission from Korea Risk Group. LATEST ANALYSIS 01South Korea’s won faces a new test as foreign bond buying loses momentum 02Trump’s Russian diesel deal may leave South Korea’s refining boom intact 03Trump’s Alaska LNG claim shows who really runs the US-South Korea alliance 04South Korea’s missile defense push raises new questions over wartime stocks 05South Korea bank hacks expose weak links beyond core financial systems 06Lee-Zelensky feud exposes South Korea’s widening Ukraine policy dilemma 07Lee Jae Myung’s ‘pacemaker’ strategy tests South Korea’s leverage with Trump 08Trump’s Korea investment victory lap masks safeguards Seoul still controls

Analysis

Saudi Arabian megaproject promises windfall for South Korea but carries risks

Yoon has shown few qualms about economic cooperation with Middle Eastern state despite seeking to boost human rights

John LeeNovember 22, 2022

Saudi Arabian megaproject promises windfall for South Korea but carries risks

South Korean President Yoon Suk-yeol and Saudi Arabian Crown Prince Mohammed Bin Salman at the Yongsan presidential office on Nov. 17, 2022 | Image: The Presidential Office

For South Korean government officials and businesses, Saudi Crown Prince Mohammed bin Salman’s visit last week was like an early Christmas — and not simply because he booked 400 rooms at Lotte Hotel Seoul for two weeks for his entourage, including a $16,449-per-night suite for himself.

The visit marked bin Salman’s first to South Korea since 2019, and President Yoon Suk-yeol’s top priority was to seek greater cooperation between Seoul and Riyadh, including Saudia Arabia’s futuristic $500 billion desert city megaproject Neom.

Riyadh envisions Neom will be 44 times larger than Seoul, and many South Korean media outlets

Saudi Arabian megaproject promises windfall for South Korea but carries risks

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John Lee