Washington: Chung Yong-jin, chairman of the South Korean retail conglomerate Shinsegae Group, is set to attend a significant event in the United States this week, which will welcome Saudi Crown Prince Mohammed bin Salman, industry sources disclosed on Tuesday.
According to Yonhap News Agency, Chung is the exclusive South Korean business leader invited by the U.S.-Saudi Business Council to participate in the executive reception honoring the crown prince. The event is scheduled for Tuesday (U.S. time) and is anticipated to provide a platform for exploring potential business engagements.
During his first visit to the U.S. in seven years, the Saudi prince is expected to have a meeting with President Donald Trump and attend an official dinner in the White House's East Room. This meeting could signal strengthening ties and potential collaborations between the U.S. and Saudi Arabia.
At the event, Chung is anticipated to look into business opportunities tied to Saudi Arabia's substantial development initiatives, including the Diriyah Gate project, valued at 91.7 trillion-won (US$63 billion). This project aims to transform the historic Diriyah area into a global tourism hub, presenting lucrative prospects for international business leaders.
Shinsegae has confirmed Chung's planned visit to Washington, although further details have not been disclosed. This visit could mark a significant step for the conglomerate in expanding its international business footprint.
The New York Times has also noted that the Trump Organization, the business entity of President Trump, is preparing to engage in the large-scale urban development project in Saudi Arabia, indicating potential U.S. involvement in the region's economic endeavors.
Chung maintains a close personal relationship with Donald Trump Jr., the president's eldest son, with both reportedly on a first-name basis. This connection could influence business discussions during the event.
Recently in Spain, Chung met with Trump Jr. and Omeed Malik, co-founder of venture capital firm 1789 Capital, following prior meetings with President Trump's aides at the White House last month. These interactions underscore Chung's active engagement in fostering international business relations.