"Middle East is a Land of Opportunity"… Chairman Lee Jae-yong Visits UAE

Site Inspection of 'UAE Barakah Nuclear Power Plant Project' Participated by Samsung C&T
Meeting with On-site MZ Generation Employees to Hear Their Hopes and Determination

Chairman Lee Jae-yong is visiting the construction site of the UAE Barakah Nuclear Power Plant project, in which Samsung C&T is participating, and taking a commemorative photo with the employees. Photo by Samsung Electronics

[Asia Economy Reporter Han Yeju] Lee Jae-yong, Chairman of Samsung Electronics, chose the Barakah Nuclear Power Plant construction site in the United Arab Emirates (UAE) as his first overseas business trip destination after his promotion. Chairman Lee plans to actively pursue 'new market development' by expanding exchanges with Middle Eastern countries.

On the 6th (local time), Chairman Lee visited the Barakah nuclear power plant site located in Al Dhafra, Abu Dhabi, UAE. After touring the construction sites of reactors 3 and 4, which are currently under construction, he held a meeting with MZ generation employees working locally.

The Barakah nuclear power plant is South Korea's first overseas nuclear power plant construction project, carried out by the 'Team Korea' consortium, which includes Samsung C&T Corporation. It is a long-term project that began construction in 2012 and has been ongoing for over 10 years, with many employees staying on-site for extended periods, separated from their families.

Accordingly, Chairman Lee listened attentively to the hopes and determination of employees working at the overseas construction site far from Korea and encouraged them for their sense of responsibility and dedication despite the challenging environment.

Before visiting the Barakah nuclear power plant, Chairman Lee met with heads of Samsung C&T, Samsung Engineering, and Samsung Electronics' Middle East regional offices to receive reports on local business status and discuss mid- to long-term strategies.

In the business community, it is viewed that Chairman Lee aims to increase touchpoints in the Middle East and seek new business opportunities through this trip. In fact, this trip came only about 20 days after he met with Crown Prince and Prime Minister Mohammed bin Salman of Saudi Arabia to discuss cooperation plans.

The Middle Eastern market is experiencing a boom due to high oil prices, pouring massive amounts into mega infrastructure projects such as next-generation smart city development. The IMF forecasts Saudi Arabia's GDP to grow by 7.6% this year, surpassing $1 trillion for the first time in history, while the UAE Central Bank predicts the country's economic growth rate to be 5.4%, 1.6 percentage points higher than last year.

A business community official evaluated, "Chairman Lee intends to fully utilize his global network to maximize the synergy of global businesses carried out by Samsung's affiliates and seize future opportunities to overcome the current challenges."

Chairman Lee Jae-yong said, "The Middle East, undergoing a 'great transformation' to find new growth engines, is a land of opportunity. Although the situation is difficult, let us move forward boldly and challengingly."