Samsung heir discusses investment with Saudi prince in Jeddah

Samsung heir Lee Jae-yong (left) is briefed by Samsung C&E employees in Riyadh on Sunday. (Samsung Electronics) via The Korea Herald

SEOUL — Lee Jae-yong, vice chairman and heir apparent of Samsung Electronics, met with Mohammad bin Salman bin Abdulaziz, the crown prince of Saudi Arabia, to discuss investment opportunities, according to the company on Wednesday.

During the meeting in Jeddah on Tuesday, Lee and the Saudi prince touched on various topics including technology, industry, construction, energy and smart cities, reported the Saudi Press Agency.

“They discussed investment opportunities in the Kingdom and cooperation between the Kingdom and Samsung Group,” the report said.

Lee flew to Riyadh on Saturday to visit the construction site of the city’s largest subway system, which is being participated by Samsung C&T, the construction arm of Samsung.

As the Middle East is seeking new sources of profit other than oil, Samsung needs to focus on the region for new opportunities, Lee said.