Saudi Arabia, Finland forge alliance to propel digital economy 

Saudi Arabia, Finland forge alliance to propel digital economy 

RIYADH: Top of the agenda on the first day of the seventh edition of the Future Investment Initiative forum was the global energy transition.

Saudi Arabia’s Vision 2030 reforms to diversify its oil-dependent economy has led it to work more closely with new markets in Asia, such as South Korea and Japan, and in African countries like Kenya, as destinations for the future supply of clean energy, such as hydrogen.

On Sunday, in the lead-up to FII, Saudi Arabia and South Korea signed 46 corporate deals and basic agreements across economic, energy and technology sectors during the visit of the President of the Republic of Korea Yoon Suk Yeol to the Gulf nation — investments worth $30 billion with Korean firms.

Among these, Korea National Oil signed an agreement with Saudi Aramco for a joint oil storage business, and Korea Electric Power and steelmaker Posco Holdings, among others, will work with Aramco on an ammonia production project.

Bilateral agreements were concluded, leading to the establishment of the Hydrogen Oasis Initiative to promote and foster cooperation in the realm of green and clean hydrogen.

Yoon emphasized the long-standing economic ties between the Kingdom and South Korea during a panel in which Crown Prince Mohammed bin Salman