Kingdom Holding inks MoU with Korean Investment Corporation

05/03/2015 06:31 AST

Prince Alwaleed Bin Talal, Chairman of Kingdom Holding Company (KHC), signed an MoU with Hank Ahn, Chairman and CEO of Korea Investment Corporation (KIC) on Tuesday (March 3) at KHC offices in Riyadh.

The strategic partnership is aimed at generating opportunities in private equity investments and the exchange of investment opportunities between both parties globally.

The partnership is the first of its kind between an investment holding company and a leading sovereign wealth fund.

The signing was attended by Sarmad Zok, Chairman and CEO of KHI and Member of KHC’s Board of Directors; Dr. Adel Alsayed, Executive Director for Private Equity, International Investments; Mohammed Fahmy, KHC’s CFO; and Fahad Bin Saad Bin Nafel, Executive Assistant to Alwaleed.

Alwaleed’s investment in Korea through KHC is in the financial sector via Citigroup. Alwaleed also has investments in Korea in both Daewoo Corporation and Hyundai Motors.

In January 2015, Alwaleed received at his office in Riyadh Lee Myung-Bak, former President of Korea and an accompanying delegation.

In 1999, Alwaleed was awarded “The Diplomatic Merit of the Heung Korean” by former president Kim Dae-Jung in recognition of the Prince’s investments in Korea.

In 1998, Alwaleed had visited Korea and met with the country’s former President Kim Dae-Jung at the Blue House. Alwaleed received an honorary Doctorate in Business Management from Kyungwon University in Seoul, South Korea.

Saudi Gazette