Saudi Arabia signs pacts worth $30 bln with S.Korean firms - minister

Saudi Arabia has signed investment agreements worth around $30 billion with South Korean companies, Asharq TV quoted the Kingdom's investment minister Khalid Al-Falih as saying on Thursday. The Saudi-based TV also quoted Saudi Venture Capital Company as saying it had signed an agreement in the Asian country to establish seven specialized funds. Al-Falih described the petrochemicals project as the "biggest foreign investment" in South Korea.

Saudi Arabia has signed investment agreements worth around $30 billion with South Korean companies, Asharq TV quoted the Kingdom's investment minister Khalid Al-Falih as saying on Thursday.

The Saudi-based TV also quoted Saudi Venture Capital Company as saying it had signed an agreement in the Asian country to establish seven specialized funds. Saudi Crown Prince Mohammed bin Salman arrived in Seoul on Wednesday and is scheduled to meet with South Korean President Yoon Suk-yeol later in the day.

The visit will see 26 agreements in total, the Saudi-owned al Arabiya TV quoted Al-Falih as saying on Thursday, including the $5-billion "Shaheen Project". Al-Falih described the petrochemicals project as the "biggest foreign investment" in South Korea. (Reporting By Moaz Abd-Alaziz and Ahmed Tolba; Editing by Jacqueline Wong, Himani Sarkar and Sherry Jacob-Phillips)