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Saudi Arabia, South Korea Seek to Boost Relations, Investments

Crown Prince Mohammed bin Salman holds talks with South Korean President Moon Jae-in in Riyadh on Tuesday. (SPA)
Crown Prince Mohammed bin Salman holds talks with South Korean President Moon Jae-in in Riyadh on Tuesday. (SPA)
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Saudi Arabia, South Korea Seek to Boost Relations, Investments

Crown Prince Mohammed bin Salman holds talks with South Korean President Moon Jae-in in Riyadh on Tuesday. (SPA)
Crown Prince Mohammed bin Salman holds talks with South Korean President Moon Jae-in in Riyadh on Tuesday. (SPA)

Saudi Crown Prince Mohammed bin Salman, Deputy Prime Minister and Minister of Defense, held talks on Tuesday with South Korean President Moon Jae-in on bilateral relations between their countries and ways to bolster them in all fields.

The South Korean leader had arrived in Riyadh on Tuesday on an official visit.

Talks with the Crown Prince also tackled regional and international developments.

Saudi Ambassador to Seoul, Sami Alsadhan noted that Crown Prince Mohammed had made an official visit to South Korea in 2019.

His trip helped strengthen relations with Seoul and expanded them to cover areas such a health, information technology, culture and education, he told the Saudi Press Agency.

South Korea is a strategic partner to Saudi Arabia as shown in the Kingdom's Vision 2030 and the Saudi-Korean Vision 2030 cooperation agreement that was signed in October 2017, he added.

Meanwhile, a senior Korean source said Seoul and Riyadh enjoy military cooperation that may later be expanded to include rockets and military equipment.

Fields that may provide cooperation opportunities include hydrogen fuel, renewable energy, digitization, technology, advanced industries, education and health.

Speaking on condition of anonymity, the source told Asharq Al-Awsat that the bilateral talks between Saudi Arabia and South Korea covered several agreements and memorandums of understanding that underscore the strategic natures of their relations.

Moon's visit to Riyadh and meeting with Crown Prince Mohammed will pave the way for more opportunities and shape the future ties between their countries.

Major countries are seeking to relocate their regional headquarters to Saudi Arabia, he remarked, a reference to South Korea's LG Corp's plan to establish its regional headquarter Riyadh.

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Riyadh, Doha to Pay Back Syria's Debt to World Bank

One of the meetings held at the IMF in Washington. SPA
One of the meetings held at the IMF in Washington. SPA
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Riyadh, Doha to Pay Back Syria's Debt to World Bank

One of the meetings held at the IMF in Washington. SPA
One of the meetings held at the IMF in Washington. SPA

Saudi Arabia and Qatar said Sunday they will pay Syria’s outstanding arrears of around $15 million to the World Bank.

A joint statement by the finance ministries of Saudi Arabia and Qatar said the decision to pay Syria’s debt to the World Bank was made during this month's meetings in Washington by the World Bank and IMF.

Syria’s Foreign Ministry thanked the two countries for paying the debt, saying it opens the way for activating cooperation toward recovery and reconstruction.
The joint Saudi-Qatari statement said the payment of Syria’s loans will facilitate the resumption of World Bank support and activities in Syria that have been stalled for more than 14 years.

The statement added that the loan payment will allow Syria to take allotments from the World Bank in the near future for “vital sectors.”

Both countries also called on "international and regional financial institutions to promptly resume and expand their development engagement in Syria."
In a reflection of Riyadh’s continued support for Syria’s stability and economic recovery, Saudi Finance Minister Mohammed AlJadaan has issued a joint statement with Managing Director of the International Monetary Fund (IMF) Kristalina Georgieva, and Ajay Banga, President of the World Bank Group (WBG), saying “priority will be given to efforts to meet the critical needs of the Syrian people, institutional rebuilding, capacity development, policy reforms, and the development of a national economic recovery strategy.”

The statement that was issued on Thursday on the sidelines of the 2025WBG/IMF Spring Meetings in Washington, said the three sides co-hosted a high-level roundtable for Syria, bringing together the Syrian authorities, finance ministers and key stakeholders from multilateral and regional financial institutions, as well as economic and development partners.

"Building on earlier discussions –including at the Paris Conference on Syria (February 13), the Al Ula roundtable on February 16, and Brussels IX conference (March 17)— this event provided a platform for the Syrian authorities to present their ongoing efforts to stabilize and rebuild their country, reduce poverty, and achieve long-term economic development,” said the statement.