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Samsung vice chairman visits construction site in Saudi Arabia

기사승인 2019.09.16  09:01:37

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Lee Jae-yong (2nd from R), vice chairman of Samsung Electronics Co., visits the construction site of a metro station in Riyadh, Saudi Arabia, on Sept. 15, 2019, in this photo provided by the South Korean tech giant. Lee is the largest shareholder of Samsung C&T, Samsung's construction subsidiary taking part in a consortium for the construction project. (Yonhap)

Samsung Electronics Vice Chairman Lee Jae-yong visited a metro construction site in Saudi Arabia on Sunday to check on the project's latest progress, his company said.

Lee visited Samsung C&T Corp.'s metro construction site in Riyadh on his first trip for the subsidiary's overseas project, the firm said.

Samsung C&T formed a consortium with FCC Construction of Spain and Alstom of France in 2013 to build six subway lines covering 168 kilometers in Riyadh. The project, Saudi Arabia's first public transportation construction project, is expected to be completed by 2020, the firm said.

The 51-year-old Lee is the largest shareholder with a 17.1 percent stake as of June in Samsung C&T, which in turn holds a 5 percent share in Samsung Electronics, the conglomerate's crown jewel.

The project is part of Samsung's business presence in Saudi Arabia, South Korea's biggest trading partner in the Middle East and No. 1 crude exporter to Asia's fourth-largest economy.

In June, the de facto head of Samsung Group met with Crown Prince Mohammed bin Salman of Saudi Arabia to discuss ways to expand cooperation in promising fields, including 5G network technology.

It was the Samsung heir's second public appearance since the Supreme Court's ruling on his bribery case on Sept. 26 and his sixth visit to the company's factories and facilities since Japan tightened export regulations on high-tech materials in July.

The top court overturned a lower court ruling that suspended the jail sentence for Lee on a bribery case involving former President Park Geun-hye. With the court decision, Lee has to prepare for another trial. (Yonhap)

Kim Hyung-dae edt@koreapost.com

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