Kolon Builds Economic Cooperation Model Combining Golf with Saudi Arabia

From Next Year, the Golf Tournament 'Aramco Team Series' to be Held in Korea

Kolon Group will host the golf tournament 'Aramco Team Series' in South Korea starting next year and establish a new economic cooperation model with Saudi Arabia.

Kolon Group announced on the 2nd that it signed a business agreement on this matter with Golf Saudi, the Saudi Arabian Golf Federation, at the Riyadh Golf Club in Saudi Arabia on the 25th of last month. The signing ceremony was attended by Shin Sang-ho, Vice President of Kolon Corporation, and Noah Alireza, CEO of Golf Saudi.

Shin Sang-ho, Vice President of Kolon (left), is taking a commemorative photo with Noah Alireza, CEO of Golf Saudi, after signing a Memorandum of Understanding (MOU) for hosting the 2024 Aramco Team Series in Korea on the 25th in Riyadh, Saudi Arabia. (Photo by Kolon Group)

The Aramco Team Series, which Kolon Group has secured for the first time in Korea, is a new type of tournament combining golf and business. It is held alongside the 'Future Investment Initiative (FII)' event, known as the 'Desert Davos Forum,' which President Yoon Suk-yeol recently attended. Kolon Group and Golf Saudi plan to discuss specific details such as the schedule, participating players, and the scale of 'FII Korea' with FII next year regarding the Aramco Team Series.

The Aramco Team Series adopts a unique format where teams consisting of three female professional golfers and one amateur golfer compete in both team and individual events, touring five countries annually. This year, the Aramco Team Series was held in the United States, the United Kingdom, Singapore, and Hong Kong, with the final tournament held last month in Riyadh, Saudi Arabia, alongside FII.

Famous professional players such as Ko Jin-young, Lee Min-ji, Nelly Korda, Lydia Ko, Lexi Thompson, Danielle Kang, Charley Hull, and Lilia Vu participated, while global businesspeople and financiers, including those from Saudi Arabia, took part as amateurs.

Golf Saudi hosts the tournament, with Aramco, a global oil producer and Saudi Arabia’s state-owned company, serving as the title sponsor. The Saudi Arabian Public Investment Fund (PIF) and Kolon Group also co-sponsor the event. According to the agreement, the domestic tournament will be held for three years, with an option to extend for an additional two years.

This tournament is expected to serve as a platform that goes beyond a simple golf competition, facilitating exchanges and business development between companies from both countries.

Golf Saudi, the organizer, and sponsors Aramco and the Saudi PIF are all chaired and presided over by Yasir Osman Al-Rumayyan, a key figure in Saudi Arabia. Chairman Al-Rumayyan has focused on exploring new business opportunities through the combination of golf and business, with the Aramco Team Series being one of the outcomes.

Shin Sang-ho, Vice President of Kolon (left), is taking a commemorative photo with Noah Alireza, CEO of Golf Saudi (right), and Alison Lee, the recent winner of the Aramco Team Series, after signing an MOU for the 2024 Aramco Team Series Korea event. (Photo by Kolon Group)

Kolon expects that hosting the Aramco Team Series in Korea will provide practical networking opportunities with Saudi Arabia for Korean companies that have entered or are seeking to enter the Saudi market.

Saudi Arabia announced 'Saudi Vision 2030' in 2016, aiming to diversify its economy, reduce dependence on oil, and foster the private sector. Specific projects such as the NEOM project and King Salman Park project are underway, with 12 major projects led by the Saudi PIF.

Additionally, hosting an international golf tournament domestically is expected to involve many Korean companies from the preparation stage, and the visit of overseas professional players, tournament officials, and business representatives to Korea is anticipated to generate additional economic benefits.

During the cooperation process, Chairman Al-Rumayyan reportedly highly evaluated Kolon Group’s capabilities and accumulated know-how in golf. Kolon Group has hosted the 'Kolon Korean Open Golf Championship,' a national title tournament representing South Korea, for 34 years since 1990.

A Kolon Group official said, "A platform for concrete achievements has been established among major Saudi companies and institutions such as the Saudi PIF, Aramco, and the FII Forum, as well as domestic companies that have entered or wish to enter Saudi Arabia. We will serve as a bridge to help more Korean companies secure Middle Eastern networks and connect them to business beyond simply hosting a golf tournament."