Led by CEO Kim Young Shub, KT took part in the Korea-Saudi 50th Anniversary Construction Cooperation Event, hosted by the Ministry of Land, Infrastructure and Transport (MOLIT) of Korea, where KT announced the signing of a memorandum of understanding (MoU) with Hyundai E&C and stc group on the digital transformation of Saudi Arabia.
“It is an immense honour for us to represent the Korean ICT companies in the realm of economic cooperation between Korea and Saudi Arabia,” said Kim Young Shub, CEO of KT.
“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 realise tangible outcomes that are mutually beneficial for Korea and Saudi Arabia.”
In a ceremony attended by president Yoon Suk Yeol and minister Won Hee-ryong, the MoU was signed by KT CEO Kim Young Shub, Hyundai E&C CEO Yoon Young Joon, and Olayan Alwetaid, stc group CEO.
The MoU will see the combination of KT's digital transformation capabilities with Hyundai E&C's smart construction and construction capabilities, along with stc group's network infrastructure. Together, they will collectively construct internet data centres (IDC), smart cities enhancing Saudi Arabia's digital infrastructure.
This MoU follows the formation of Saudi One Team Korea under the leadership of the Ministry of Land, Infrastructure and Transport. Comprising approximately 120 governmental bodies and private enterprises, Saudi One Team Korea, encompasses the MOLIT, Korea Infrastructure and Urban Development Corporation, Korea Construction Association, KT, and Hyundai E&C.
Prior to this event, KT Group held a meeting with the Governor H.E. Communications and Space Technology Committee as well as officials from the Ministry of Information and Communication Technology to discuss a future cooperation in digital transformation, spanning IDC, autonomous driving and R&D.
