KT, in collaboration with Hyundai Engineering & Construction (Hyundai E&C) and stc group, an engine of digital transformation, is poised to spearhead the establishment of a leading digital infrastructure in Saudi Arabia, a venture set to span for the next 50 years.
KT, under the leadership of CEO Kim Young Shub, participated in the ‘Korea-Saudi 50th Anniversary Construction Cooperation Event’ held on October 23 in Riyadh, Saudi Arabia. This event, hosted by the Ministry of Land, Infrastructure and Transport (MOLIT) of Korea, marked the stage for KT’s announcement on the 24th of October, disclosing the signing of a Memorandum of Understanding (MOU) with Hyundai E&C and stc group to catalyze the digital transformation of Saudi Arabia.
In a prestigious ceremony where President Yoon Suk Yeol and Minister Won Hee-ryong were in attendance, the MOU was formally inked by KT CEO Kim Young Shub, Hyundai Engineering & Construction CEO Yoon Young Joon, and Olayan Alwetaid, stc group CEO.
This momentous MOU signifies a commitment to combining KT’s digital transformation (DX) capabilities and expertise with Hyundai E&C’s acumen in smart construction and construction capabilities, synergized with stc group’s excellent network infrastructure. Together, they will undertake the ambitious endeavor of constructing internet data centers (IDC), smart cities, charting a comprehensive path towards augmenting Saudi Arabia’s digital infrastructure.
This MOU can be traced back to November of the preceding year, when the ‘Saudi One Team Korea’ was formed under the leadership of the Ministry of Land, Infrastructure and Transport. Comprising approximately 120 governmental bodies and private enterprises, One Team Korea, which encompasses the Ministry of Land, Infrastructure and Transport (MOLIT), Korea Infrastructure and Urban Development Corporation (KIND), Korea Construction Association, KT, and Hyundai E&C, lays the groundwork for this meaningful collaboration between KT, Hyundai E&C, and stc group.
In April 2016, Saudi Arabia unveiled an ambitious reform plan christened ‘Saudi Vision 2030’ aimed at diversifying its oil-centric industrial framework. Central to this vision is the significant expansion of smart infrastructure and digital transformation (DX) across all the industries, fostering a rapid advancement in the nation’s digital landscape, encompassing the expansion of IDCs and the realization of smart cities.
Prior to this event, KT Group held a meeting with the Governor H.E. Communications and Space Technology Committee (CST) and high-ranking officials from the Ministry of Information and Communication Technology (MCIT) at its headquarters and discussed the future cooperation in the DX domain, spanning IDC, autonomous driving, and R&D. Consequently, there is an optimistic outlook for close collaboration and synergy with the Saudi government, which exhibited a keen interest in Korea’s digital transformation experience and cutting-edge technology.
It is an immense honor for us to represent the Korean ICT companies in the realm of economic cooperation between Korea and Saudi Arabia. Leveraging the wealth of business experience and ICT solutions acumen we have cultivated both domestically and overseas, we are eager to play a vital role as Saudi Arabia’s digital innovation partner. Furthermore, as a member of One Team Korea, we are poised to collaborate closely with the government and corporate entities to realize tangible outcomes that are mutually beneficial for Korea and Saudi Arabia.Kim Young Shub, CEO, KT