Saudi Arabia's Crown Prince Mohammad bin Salman and President of South Korea, Yoon Suk-Yeol, at Al Yamamah Palace in Riyadh. Image Credit: REUTERS

Dubai: A total of 52 Memorandums of Understanding (MoUs) were formally inked in Riyadh on Sunday during the Saudi Korean Investment Forum. The agreements, signed by government entities, businessmen and investors from Saudi Arabia and South Korea, mark a significant step towards strengthening cooperation and fostering investments in various sectors.

The extensive range of MoUs cover collaborations in automobiles, real estate development, water desalination, renewable energy, and tourism, among others.

Additionally, the agreements span areas such as supply chains, nutrition, transportation, technology, infrastructure, and cybersecurity.

The Saudi-Korean Investment Forum was inaugurated as part of South Korean President Yoon Suk Yeol’s state visit to Saudi Arabia. President Yoon arrived in Riyadh on Saturday for a four-day official visit, signifying the importance of the diplomatic and economic ties between the two nations.

The forum provided a platform for high-level discussions and the exploration of promising investment opportunities.

Key decision-makers and business leaders from both Saudi Arabia and South Korea convened to examine avenues for economic cooperation and investment prospects.