South Korea and Saudi Arabia are Set to Solidify Cooperation for Smart City and Housing Management
In a novel partnership, Saudi Arabia and the South Korean government have combined efforts to improve both countries’ municipal and Housing sectors, particularly regarding smart city planning. South Korea and Saudi Arabia’s cooperation has long been in the works. The parties reviewed their partnership earlier in the year and signed an executive program containing information, details, and responsibility about the key projects they are working on together. Information on the partnership is examined below.
What are the Details of South Korea and Saudi Arabia’s Cooperation for Smart City
Saudi Arabia’s Minister of Municipal, Rural Affairs, and Housing, Majid Al-Hogail, met with Won Hee-Ryong – South Korea’s Minster of Land, Infrastructure, and Transport. This exciting meeting was especially significant as it concerned the review of the development made by both countries in cooperation concerning intelligent city planning and Housing. The countries had previously met to reach an executive agreement on collaboration on smart city and housing management, agreeing to a bilateral framework for cooperation.
Among the things discussed in the review update on the several projects that both countries were working on and the opportunities available for participation of South Korea in the Cityscape Global exhibition set to hold in Riyadh, Saudi Arabia, from September 10th to 13th, later this year. As evidence of the cooperation on smart cities, real estate companies in South Korea were free to participate in the exhibition mainly to further the development in the Middle East and Saudi Arabia, given the latter’s commitment to building innovative and sustainable cities such as NEOM.
A premier Saudi-Korean Housing Cooperation Forum was initiated during the meeting to help both sides understand the infrastructure and municipal projects and align governmental policies to suit end goals and national visions. Also, the Korea Trade and Investment Promotion Agency announced in mid-June 2023 that it was set to hold a tour tagged the Saudi Arabia Smart City Road Show to promote Korea’s smart city technology within Saudi Arabia. In this tour, companies from South Korea will present modern technology for smart cities, and at least 30 consultations involving a minimum of 10 Korean companies and contractors will be present.
What are the Expected Effects of South Korea and Saudi Arabia’s Cooperation
Majid Al-Hogail – Saudi Arabia’s Minister of Municipal, Rural Affairs, and Housing, remarking about the partnership, offered companions on establishing the strategic alliances between Riyadh and Seoul. The Minister also believes that the experiences and expertise combination between both parties is essential in realizing the goal of a sustainable future for them.
The expected effects of South Korea and Saudi Arabia’s cooperation are numerous and positive. For one, it gives the former a chance to branch into the market of Saudi Arabia. The tour presents an opportunity for South Korea to introduce its technology in the Middle East market and a strong one like Saudi Arabia. On the other side of the spectrum, the partnership is one of the several ways Saudi Arabia aims to achieve its Vision 2030, mainly in sustainability and international cooperation.
Conclusion
The partnership on smart city and housing management cooperation between a country in Asia and another in the Middle East is unprecedented. It may be the first of its kind in the world. Unsurprisingly, Saudi Arabia is well known for being a pacesetter, particularly in that region. Also, the partnership could not have come at a better time as it gives South Korea a stake in the foreign market, helps Saudi Arabia realize Vision 2030, and fast-tracks the construction of the fast city NEOM. Indeed, all eyes are peeled for the dividends of this strategic partnership.
Last Updated on 6 months by News Editor
