23 Major Groups' Middle East Business... 26 Samsung Affiliates, 13 LG Affiliates

Samsung 26, LG 13, GS 12 in order
By country: UAE 44, Saudi Arabia 24
By business: Construction 26, IT 22

It has been found that the number of corporations established by domestic large business groups (conglomerates subject to disclosure with total assets of 5 trillion won or more) in major Middle Eastern countries exceeds 110. Twenty-three groups have at least one affiliate in Middle Eastern countries. Samsung had the most with 26. By country, companies in the United Arab Emirates (UAE) were the most numerous, and by industry, construction companies were the largest group. The Middle East is a region of heightened interest due to President Yoon Suk-yeol's state visits to Saudi Arabia and Qatar, as well as the war between Israel and the Palestinian armed group Hamas.

The Korea CXO Institute, a corporate analysis specialist, announced the results of its analysis of Middle Eastern corporations among 82 large business groups on the 25th. It counted overseas affiliates in which the conglomerates hold more than 50% equity.

The survey found that among the 82 groups, 23 groups (28%) had affiliates in Middle Eastern countries. These 23 groups established 113 overseas corporations across 10 countries.

President Yoon Suk-yeol and Samsung Electronics Chairman Lee Jae-yong, who are on a state visit to Saudi Arabia, are touring the NEOM exhibition hall in Riyadh on the 23rd (local time).
[Photo by Yonhap News]

By group, Samsung ranked first with 26 corporations. The order by country was UAE with 10, Israel with 5, and Saudi Arabia with 4. In the UAE, companies such as Samsung Gulf Electronics Co., Ltd., an electronics sales company, and SAM Gulf Investment Limited, an investment company controlled by Samsung C&T Corporation, are operating. Among the four Saudi corporations, three were related to construction. A representative example is SAMSUNG C&T CORPORATION SAUDI ARABIA, where Samsung C&T is the largest shareholder. Additionally, through Samsung Engineering, Samsung Saudi Arabia Co., Ltd., a plant construction company, was established.

LG (13) and GS (12) also have more than 10 overseas corporations in the Middle East. LG operates in the UAE (7), Saudi Arabia (2), and Egypt (2). In the UAE, electronics sales companies controlled by LG Electronics, such as LG Electronis FZE and LG Electronics Gulf FZE, are present. In Saudi Arabia, LG-Shaker Co. Ltd., an electronics manufacturer, was established and is operating.

GS has eight affiliates in Oman, all related to construction. It also has two corporations each in the UAE and Saudi Arabia, engaged in construction and real estate. In Saudi Arabia, GS Construction Arabia Co., Ltd was established through GS Construction, and in the UAE, GS CONSTRUCTION MIDDLE EAST-SOLE PROPRIETORSHIP L.L.C. is among the construction corporations.

Hyundai Motor Company cannot be overlooked. It has established eight corporations in the Middle East, with three each in the UAE and Egypt. In the UAE, it operates Kia Middle East & Africa FZE (Kia MEA), a complete vehicle manufacturing and sales support company, and in Egypt, Mobis Auto Parts Middle East EGYPT, an automotive after-sales parts sales company. In Saudi Arabia, Middle East Engineering Development Co., Ltd, established through Hyundai Construction in November 1978, has been operating for over 40 years. This company started in Saudi Arabia during the era of founder Chung Ju-yung.

SK and Hanwha (6 each), CJ and KCC (5 each), DL and Jungheung Construction (4 each), HD Hyundai, LX, and Hoban Construction (3 each), Hankook Tire, Doosan, OCI, LS, and SeAH (2 each), and Amorepacific, KT&G, Netmarble, HMM, and Global SeAH (1 each) are also conducting business in the Middle East.

By country, the UAE had the most overseas corporations with 44, followed by Samsung (10) and LG (7). Saudi Arabia followed with 24 corporations, with Samsung having the most at 4. Oman and Egypt had 11, Israel 8, Jordan and Iran 4, Cyprus 3, and Bahrain and Kuwait 2 each.

By industry, construction (26), IT (22), and logistics and transportation (12) companies were the most numerous.

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