Saudi Arabia, which is drawing up a blueprint for national reform to find new growth engines, has reached out to K-Culture. On Sept. 25, CJ Group announced that it had visited Saudi Arabia from Sept 4 to the 6 at the invitation of the Saudi government and held a series of meetings with key figures.
Saudi Arabia rolled out the red carpet for CJ Group by arranging meetings with high-level officials such as the Minister and Vice Minister of Tourism, the Chairman of the General Entertainment Authority (GEA), the Vice Minister of Culture, the Commissioner of the Saudi Tourism Authority, and the Assistant Deputy Minister of Investment. These individuals are leading Saudi Arabia’s ‘Vision 2030′, a national transformation project launched in 2015
In response, CJ Group also mobilized its top executives, including Chairman Lee Jae-hyun, CEO of CJ Corporation Kim Hong-ki, CEO of CJ ENM Yoon Sang-hyun, and Jung Jong-hwan, Head of Content and Global Business at CJ ENM.
Saudi Arabia, in its efforts to adapt to a post-oil era, seems to be aiming to transform itself into a destination that attracts more people and businesses by leveraging the success systems and expertise of K-Culture.
Throughout the three-day visit, CJ Group executives, led by Chairman Lee, met with key figures from several Saudi government ministries, including the Ministry of Culture, the Ministry of Tourism, and the General Entertainment Authority (GEA). The discussions focused on exploring potential collaboration to drive the growth of Saudi Arabia’s cultural sector, with an emphasis on leveraging CJ Group’s expertise in entertainment and content development.
During the discussions, Chairman Lee expressed his admiration for the growth potential and depth of Saudi Arabia’s cultural sector. He noted that he was impressed by the country’s diverse cultural resources and potential, emphasizing that by combining CJ Group’s expertise across various cultural industries with Saudi Arabia’s rich cultural assets, they could create a unique synergy in the global market.
The Saudi government also extended an invitation to visit the ancient city of AlUla, where CJ Group executives toured a sprawling 25,000-square-meter studio equipped for film production and recording. This visit led to discussions on potential collaborations in content creation and tourism, with a focus on leveraging local infrastructure to support these initiatives.
In fact, CJ has previously collaborated with Saudi Arabia in various cultural sectors. Previously, CJ ENM signed a Memorandum of Understanding (MOU) with the Saudi Ministry of Culture in 2022 and has since hosted the Korean Wave festival ‘KCON’ in both 2022 and 2023. Additionally, CJ CGV has been operating 14 theaters equipped with 4DX in Saudi Arabia since 2019, in partnership with local businesses.
Experts believe that Saudi Arabia is looking to leverage CJ Group’s success in K-Culture to develop its own cultural industry.
A CJ representative explained, “CJ Group has maintained a friendly relationship with Saudi Arabia, including Chairman Lee’s meeting with Crown Prince Mohammed bin Salman during his visit to Korea in 2022. This visit reaffirmed the partnership between CJ Group and the Saudi Ministry of Culture.”
In addition to this, CJ Group plans to expand its business in the MENA region, which refers to the Middle East and North Africa, a vast area with a population of 600 million, through its collaboration with Saudi Arabia. CJ Logistics is constructing a Global Distribution Center (GDC) in the integrated logistics hub in Riyadh, which will handle international shipping for the Middle East.
Prior to working with CJ, Saudi Arabia had already invested heavily in industries like manufacturing and startups, as well as in sports and culture, as part of its efforts to shed negative perceptions and emerge as a global power. The country is focusing on creating a business-friendly environment and improving its image through sports and cultural investments. At the core of Saudi Arabia’s transformation is its sovereign wealth fund, which holds assets worth approximately $1 trillion.
