Kolon set to host Aramco Team Series golf event in Korea

South Korea’s Kolon Group said on Thursday it has signed a non-binding agreement with Golf Saudi, a unit of Saudi Golf Federation, to jointly host the Aramco Team Series women's golf tournament in Korea for at least three years from 2024.
 
“We aim to provide networking opportunities for Korean and Saudi Arabian corporates by hosting the golf tournament and Saudi’s Future Investment Initiative (FII) Institute conference, which gathers the world’s business leaders, policymakers and investors,” a Kolon official said.

Kolon, a fashion-to-construction conglomerate, said the three-year term under the memorandum of understanding could be extended to five years.

Aramco Team Series is presented by Saudi’s sovereign wealth fund PIF. This year, the five-round competition was held in Singapore, Florida, London, Hong Kong and Riyadh from March to October.    

In July, Golf Saudi started a strategic partnership with Saudi’s Future Investment Initiative (FII) Institute, a non-profit organization chaired by H.E. Yasir AI-Rumayyan, the governor of PIF and chairman of state-owned petroleum company Saudi Aramco.

Through the partnership, Golf Saudi and FII Institute collaborated at the latter’s annual conference in Riyadh last month.

Business leaders who attended the conference were offered activities such as seminars exploring topics and investment opportunities around key Aramco Team Series founding pillars such as finance, industrial development, sustainability, tourism, innovation and fostering growth in women’s sports, according to Golf Saudi.

Meanwhile, Korea and Saudi signed 51 memoranda of understanding worth $15.6 billion, including a partnership with Korea Aerospace Industries Ltd. (KAI) in the aerospace industry and automotive part supplies with KG Mobility Corp. 
during Korean President Yoon Suk Yeol’s visit to the Middle Eastern country in late October.

Write to Mi-Sun Kang at missuny@hankyung.com

Jihyun Kim edited this article.