Saudi group Qiddiya signs partnership deal with Samsung
Saudi-based Qiddiya Investment Company (QIC) has signed an agreement with Korean industrial giant Samsung for joint collaboration on a broad range of areas including the design, engineering and construction of its new sports complex in the kingdom.
More Stories
Saudi-based Qiddiya Investment Company (QIC) has signed an agreement with Samsung for joint collaboration on a broad range of areas - from engaging Samsung C&T for the design, engineering and construction of Qiddiya’s sports complex, to working with Samsung Electronics to become Qiddiya’s primary technology sponsor.
The extensive economic MoU, signed at The Future Investment Initiative, in Riyadh also includes co-branding and naming rights for some of Qiddiya’s anchor facilities and enables QIC to work with a number of businesses under the Samsung umbrella.
After detailed discussions, both in Saudi Arabia and Samsung’s headquarters in South Korea, the MoU was signed by Michael Reininger, CEO of QIC, and Young Ho Lee, President & CEO of Samsung C&T.
"This year, Qiddiya been advancing steadily on our journey from design to execution," said Reininger.
"The signing of this milestone MoU between Qiddiya and Samsung C&T, an industry leader and global pioneer, demonstrates our commitment to achieving our dual goals of creating an unprecedented destination that enriches the lives of Saudi citizens while driving social and economic diversification within Saudi Arabia," he added.
Wan Soo Kim, Senior VP of Samsung C&T, said the Korean group was proud to be a strategic partner for QIC.
"With this agreement, we are confident to leverage the full capabilities from both partners to deliver the most technologically advanced Entertainment, Sports and the Arts destination in Saudi Arabia," he added.-TradeArabia News Service
Projects
