Lee Jae-yong to Depart for Middle East Business Trip on Night of 6th... Likely to Explore New Ventures in UAE and Saudi Arabia

Lee Jae-yong, Vice Chairman of Samsung Electronics / Photo by Dongju Yoon doso7@

[Asia Economy Reporter Kim Heung-soon] Samsung Electronics Vice Chairman Lee Jae-yong will depart for a business trip to the Middle East on the night of the 6th.

According to related government departments and the business community, Vice Chairman Lee is scheduled to attend the trial regarding the unfair merger of Samsung C&T and Cheil Industries and the accounting fraud allegations of Samsung Biologics held at the Seoul Central District Court on the same day, and then immediately depart for the United Arab Emirates (UAE).

Lee's trial is usually held every Thursday, but this week it was moved up to Monday due to circumstances on the defendant's side. Accordingly, he will utilize the nine days until the next trial date (the 16th) for an overseas business trip. This marks his second overseas trip in 12 days, following a trip to the United States from the 14th to the 24th of last month.

Due to the recent spread of the new COVID-19 variant Omicron, overseas arrivals are required to self-quarantine for 10 days; however, Vice Chairman Lee qualifies as an "essential corporate personnel such as executives" and is exempt from self-quarantine. His current overseas trip was also disclosed after submitting a "Corporate Fast Track" to government agencies.

During his trip, Lee is expected to visit the UAE and Saudi Arabia to restore the previously disrupted global network and explore new business opportunities. He has maintained steady exchanges with the Middle East. In February 2019, he visited Dubai, UAE, and met with Sheikh Mohammed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi, to discuss cooperation in fields such as information technology (IT) and 5G.

Additionally, in September of the same year, he used the Chuseok holiday to visit construction sites in Saudi Arabia and encourage employees. At that time, Lee met with Saudi Crown Prince and Deputy Prime Minister Mohammed bin Salman to discuss cooperation plans across various sectors. On the 2nd of last month, Samsung C&T’s construction division signed a Memorandum of Understanding (MOU) with the Saudi Ministry of Investment (MISA) for comprehensive business cooperation, agreeing to closely collaborate in energy, urban development, and infrastructure sectors aligned with Saudi Arabia’s national innovation strategy.

This content was produced with the assistance of AI translation services.