H2O Hospitality Ltd., a South Korean company specializing in digital transformation in the hospitality and leisure industries, announced on Monday that it had signed an MOU with the Saudi Arabian Ministry of Investment in Riyadh the previous day to enter the Saudi Arabian market.
The Saudi Ministry of Investment will support H2O in establishing investment strategies and attracting investments to enter the Saudi market. H2O will provide the Saudi government with global market intelligence and participate in various programs such as conferences and exhibitions held in Saudi Arabia.
This marks the first MOU signed between the Ministry of Investment of Saudi Arabia and a Korean tourism-related company.
Invest Seoul, the city's investment promotion agency, which actively supports domestic startups entering the Middle East and attracting global investment, facilitated the agreement.
H2O has already established a local corporation in Riyadh and plans to open a branch office in the United Arab Emirates (UAE) in the first half of this year to oversee its Middle East and European business.
Write to Mi-Kyoung Lee at
capital@hankyung.com
