KT Corporation has joined forces with Hyundai Engineering and Construction (Hyundai E&C) and STC group to begin the transformative 50-year digital infrastructure project in Saudi Arabia. The collaboration was unveiled during the Korea-Saudi 50th Anniversary Construction Cooperation Event, hosted by Korea’s Ministry of Land, Infrastructure and Transport (MOLIT).
The venture, aligned with Saudi Vision 2030, aims to diversify Saudi Arabia‘s industrial landscape. KT Corp, formerly known as Korea Telecom, will play a central role in this initiative alongside Hyundai E&C and Saudi Telecommunication Company (STC).
CEO Kim Young Shub of KT expressed deep gratitude and pride in representing South Korean ICT companies in the economic cooperation between South Korea and Saudi Arabia. He emphasized KT’s readiness to contribute to Saudi Arabia’s digital innovation journey by utilizing its extensive business experience and ICT solutions expertise.
Kim Young Shub highlighted KT’s alignment with the One Team Korea initiative, collaborating closely with government and corporate entities to generate mutually beneficial outcomes for South Korea and Saudi Arabia.
In a ceremony attended by South Korean President Yoon Suk Yeol and Minister Won Hee-ryong, the Memorandum of Understanding (MoU) was formally signed by prominent figures, including KT CEO Kim Young Shub, Hyundai Engineering & Construction CEO Yoon Young Joon, and Olayan Alwetaid, STC Group CEO.
This strategic memorandum is expected to encapsulate their shared vision to coalesce KT’s digital transformation capabilities, Hyundai E&C’s proficiency in smart construction, and the robust network infrastructure underpinning STC Group’s services.
KT is entrusted with constructing a data center and laying the essential IT foundation for a smart city that promises to set new digital innovation and urban development standards.
“As Saudi Arabia’s Vision 2030 focuses on smart infrastructure and digital transformation, among others, the country’s digital industry is expected to undergo rapid growth,” KT said.
The powerhouse conglomerate unites around 120 governmental organizations and private corporations, including the Ministry of Land, Infrastructure, and Transport (MOLIT), Korea Infrastructure and Urban Development Corporation (KIND), Korea Construction Association, KT, and Hyundai E&C. The alliance provides a strong framework for the collaboration between KT, Hyundai E&C, and STC Group.
With Saudi Arabia’s “Saudi Vision 2030” reform program, unveiled in April 2016, the country diversifies its industry structure, shifting it away from reliance on oil-centric paradigms. At its core is a profound emphasis on developing smart infrastructure and digital transformation (DX) across all sectors, catalyzing the rapid maturation of the nation’s digital landscape.
This monumental endeavor encompasses expanding internet data centers (IDCs) and materializing smart cities, marking a pivotal milestone in Saudi Arabia’s digital evolution.
In anticipation of this monumental event, the KT Group held a meeting at its headquarters with the Governor of the Communications and Space Technology Committee (CST) and senior officials from the Ministry of Information and Communication Technology (MCIT).
The discourse revolved around the prospects of future collaboration in digital transformation, encompassing the development of IDCs, the advancement of autonomous driving, and research and development. This meeting aims to invest in groundwork for a profound partnership and synergy with the Saudi government, which has displayed a keen interest in leveraging Korea’s digital transformation experience and technological innovations.
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