[Featured Stock] SM C&C Wins 670 Trillion NEOM City Project 'Secret Weapon'... Proving Global K-Culture Power

[Asia Economy Reporter Hyungsoo Park] SM C&C is showing strong performance. It appears that the news of the government leading a new city model that integrates the cultural industry and aiming to secure the 670 trillion won (approximately 500 billion dollars) Saudi Arabia ‘NEOM City’ project is influencing the stock price.

As of 9:59 AM on the 31st, SM C&C is trading at 4,030 won, up 18.01% from the previous day.

According to the Ministry of Land, Infrastructure and Transport and the construction industry, Minister of Land, Infrastructure and Transport Won Hee-ryong and SM Entertainment’s Chief Producer Lee Soo-man will officially visit Saudi Arabia as early as January next year to engage in contract bidding activities.

The Chief Producer met with Saudi Minister of Culture Bader bin Abdullah bin Farhan Al Saud, who visited Korea in June this year, and announced plans to hold an SM global concert in Saudi Arabia. Considering the high popularity of K-pop in Saudi Arabia, it is expected that a concert will be organized during the ‘Team Korea’ visit to Saudi Arabia early next year. The plan is to form an ‘Avengers’ team that integrates not only construction but also culture and information technology (IT) to win the project.

Minister Won also personally met with Manar Al Moneef, Chief Investment Officer (CIO) of NEOM City, who visited the GICC, along with representatives from the construction industry such as Daewoo Engineering & Construction and Hyundai Engineering & Construction. Minister Won explained that the government, private companies, and cultural companies like SM Entertainment will be fully mobilized to propose a business model combining globally welcomed K-culture.