KT, Hyundai, stc group to lead Saudi Arabia’s digital transformation for next 50 years

Riyadh: KT Corporation, formerly known as Korea Telecom, in collaboration with Hyundai Engineering and Construction (Hyundai E&C) and Saudi Telecommunication Company (stc) group, is going to usher in a new era of digital infrastructure in Saudi Arabia, embarking on a venture set to span the next half-century.

Under the stewardship of Chief Executive Officer (CEO) Kim Young Shub, KT, a prominent South Korean telecommunications company, took center stage at the ‘Korea-Saudi 50th Anniversary Construction Cooperation Event’ in Riyadh, Saudi Arabia.

 This event, hosted by the Ministry of Land, Infrastructure and Transport (MoLIT) of Korea, provided the perfect backdrop for KT to reveal the signing of a Memorandum of Understanding (MoU) with Hyundai E&C and stc group, catalyzing the digital transformation of Saudi Arabia. The grand ceremony witnessed the presence of South Korea President Yoon Suk Yeol and Minister Won Hee-ryong.

The MoU was officially inked by KT CEO Kim Young Shub, Hyundai Engineering & Construction CEO Yoon Young Joon, and stc group CEO Olayan Alwetaid, signifying a monumental commitment to combine KT’s digital transformation (DX) expertise with Hyundai E&C’s smart construction capabilities and stc group’s extensive network infrastructure.

Together, they will embark on a mission to construct internet data centers (IDC) and smart cities, significantly enhancing Saudi Arabia’s digital infrastructure. This landmark 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.

This collective effort, comprising approximately 120 governmental bodies and private enterprises, paved the way for the collaboration between KT, Hyundai E&C, and stc group. Saudi Arabia’s ambitious reform plan, ‘Saudi Vision 2030,’ unveiled in April 2016, to diversify the nation’s oil-centric industries. Key to this vision is the expansion of smart infrastructure and digital transformation (DX) across all sectors, propelling the country’s digital landscape forward, including the establishment of IDCs and smart cities.

Prior to the milestone event, KT group held a crucial meeting with the Governor of the Communications and Space Technology Committee (CST) and high-ranking officials from the Ministry of Information and Communication Technology (MCIT) at its headquarters.

The discussions focused on future cooperation in the DX domain, encompassing IDCs, autonomous driving, and research and development. This meeting has laid the foundation for close collaboration and synergy with the Saudi government, which has shown a keen interest in Korea’s digital transformation experience and cutting-edge technology. KT CEO Kim Young Shub expressed his enthusiasm, stating, “It is an immense honor for us to represent 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.” He hoped that with the combined expertise and resources of KT, Hyundai E&C, and stc group, this momentous collaboration would reshape Saudi Arabia’s digital landscape for decades to come, aligned with the ambitious goals of ‘Saudi Vision 2030.’