[Featured Stock] Kolon Global Soars 23% on Saudi 'NEOM City' MOU

On July 26th, visitors are viewing exhibits at the 'Discover NEOM' exhibition held at DDP in Dongdaemun-gu, Seoul.
NEOM is an administrative region designated by Saudi Arabia in the northwest, where a city development project consisting of four zones is planned. [Image source=Yonhap News]

Kolon Global's stock price surged following news that it signed two memorandums of understanding (MOUs) with local companies related to the NEOM City project underway in Saudi Arabia.

As of 10:51 a.m. on the 23rd, Kolon Global was trading at 14,230 KRW, up 23.42% from the previous close.

Since the 21st, Kolon Global has been participating in a six-day, four-night Middle East economic delegation led by the Korea Economic Association, traveling alongside President Yoon Suk-yeol, and the day before, it signed two MOUs with local companies for establishing a water treatment and artificial turf manufacturing plant.

NEOM City is a national-level project to build a futuristic eco-friendly city by investing 500 billion USD (approximately 668 trillion KRW) in a desert area spanning 26,500 square meters near the Red Sea.