Saudi Prince Khaled bin Alwaleed to invest $10 mln in Korean firm

Saudi Arabia’s Prince Khaled bin AlWaleed bin Talal is set to invest $10 million into South Korean machinery parts manufacturer Suncore Inc., making him the firm’s largest shareholder, Korean agencies reported.

The investment marks the first time a member of the Saudi royal family becomes the biggest shareholder in a Korean company.

KOSDAQ-listed Suncore will be listing over 2.9 million new shares worth $13 million on December 20, of which Prince Khaled – founding chairman of UAE-based KBW Investments – will buy about $10 million worth of stocks, it was reported.

Suncore has been involved in the $20 billion Jeddah Economic City project, which will be located along the Red Sea to the north of Jeddah.

The centerpiece of the project will be the 1 kilometer-high Jeddah Tower, being developed by the Jeddah Economic Company.

The tower’s completion date has been rescheduled to 2020 from 2018 due to financial difficulties at Saudi Binladin Group, the main contractor on the project, a company spokesperson told Argaam earlier this year.