South Korea’s Kolon Group has joined hands with Yasir Al-Rumayyan, governor of the Saudi Arabian sovereign wealth fund Public Investment Fund (PIF), to introduce a new model of economic cooperation through a platform that combines golf and business.

Kolon Group announced Thursday that it signed a memorandum of understanding (MoU) with Golf Saudi at the Riyadh Golf Club in Saudi Arabia.

Under the MoU, Kolon Corp. and Golf Saudi will jointly hold the Aramco Team Series in Korea starting next year for three years, with an option to extend the period by two years.

The Aramco Team Series is an annual tournament that travels to five countries. Three female players and one amateur golfer make up a team to play in team or individual tournaments.

This year’s event was held in the United States, the United Kingdom, Singapore, Hong Kong, and Riyadh in October.

The tournament in Riyadh was held together with the Future Investment Initiative (FII) conference, a business forum that has been organized by Saudi Crown Prince Mohammed bin Salman Al Saud since 2017.

The forum, dubbed the “Davos in the Desert,” was recently attended by President Yoon Suk Yeol, Samsung Electronics Co. Executive Chairman Jae Y. Lee, and Hyundai Motor Group Executive Chair Euisun Chung.

The Aramco Team Series is organized by Golf Saudi, and the title sponsor is Saudi state-owned company Saudi Arabian Oil Co., known as Aramco. PIF and Kolon Group are supporting sponsors.

Al-Rumayyan heads Golf Saudi, Aramco, and PIF. He has been exploring new business opportunities that combine golf and business.

“The Aramco Team Series is convened in line with the FII forum and is not just a golf tournament but a networking venue for companies,” a Kolon Group official said. “Beyond just hosting a golf tournament, we want to act as a bridge for more Korean companies to gain access to the Middle East network and make business connections.”

Kolon is working on a detailed schedule with FII to link the tournament held in Korea to bilateral business exchanges.

Kolon has an active business presence in Saudi Arabia.

The company recently signed business agreements for water treatment and artificial turf at an investment forum in Saudi Arabia.

Korea’s contracts with Saudi Arabia last month, including that of Kolon Global Corp. were worth $20.2 billion.

The decision to host the Aramco Team Series in Korea came as Al-Rumayyan highly appreciated Kolon Group’s capabilities in the golf business.

The group operates four golf courses in Korea: Woojung Hills Country Club (CC) in Cheonan, La Vie est Belle CC in Chuncheon, Mauna Ocean CC in Gyeongju, and Kolon Golf Garden. It has also been hosting the Kolon Korea Open Golf Championship for 34 years.

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