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Qiddiya inks MoU with Samsung

Qiddiya inks MoU with Samsung
The extensive and powerful economic MoU was signed during FII 2019

Riyadh – Mubasher: Qiddiya Investment Company (QIC) has signed a memorandum of understanding (MoU) with Samsung to collaborate on a broad range of areas, the Saudi Press Agency (SPA) reported.

The agreement was signed by Michael Reininger, CEO of QIC, and Young Ho Lee, president and CEO of Samsung C&T.

Under the deal, both parties will collaborate in different fields from engaging Samsung C&T for the design, engineering and construction of Qiddiya’s sports complex, to working with Samsung Electronics to become Qiddiya’s primary technology sponsor.

The extensive and powerful economic MoU was signed on the sidelines of the Future Investment Initiative 2019 (FII) that was launched in Riyadh on Tuesday, 29 October.

The deal also included co-branding and naming rights for some of Qiddiya’s anchor facilities and enables QIC to work with a number of businesses under the Samsung umbrella.

The signing of this milestone MoU between Qiddiya and Samsung C&T, an industry leader and global pioneer, demonstrates our commitment to achieving our dual goals of creating an unprecedented destination that enriches the lives of Saudi citizens while driving social and economic diversification within the Kingdom of Saudi Arabia,” Reininger commented.