A smart city is a city platform that interconnects city infrastructure including facilities and devices using mobile cable networks. A smart city platform uses artificial intelligence (AI), autonomous technologies, and big data to process real-time information collected through various kinds of sensors installed throughout the city. Based on collected information, city operators can quickly make choices to resolve problems or analyze data to set up future plans.
Data released by KOTRA showed that Saudi Arabia aims to build a mega smart city in deserts and mountainous areas near the Red Sea. The mega city project is led by Crown Prince Mohammed bin Salman. President Yoon Suk-yeol and Crown Prince Mohammed have agreed to accelerate the exchange in various sectors including startups, entertainment, joint funds, and joint investments in November 2022.
KOTRA said in a statement that a total of 10 South Korean companies advised Saudi Arabian clients at a roadshow held in Riyadh. Some 30 business counseling services were already provided at the two-day event attended by Saudi Arabian officials including those from a state railroad agency and an organization in charge of data and AI technology.
Saudi Arabia is currently trying to diversify its economy and nurture its public service sectors including health, education, and tourism rather than relying on the oil business through a state project called "Saudi Vision 2030." Seoul has forged a total of 26 memorandum of understanding documents with its Saudi Arabian counterparts.
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