Chung Yong-jin, Chairman of Shinsegae Group, will attend a welcome event for Crown Prince Mohammed bin Salman of Saudi Arabia in Washington D.C. on the afternoon of the 18th (local time).

Chairman Chung Yong-jin of Shinsegae Group and his wife, Mrs. Han Ji-hee, met with Trump Jr. in Washington D.C., USA, on the 18th (local time). Provided by Shinsegae Group.

According to business circles, Chairman Chung received an invitation from the U.S. government to an Executive Reception hosted by the U.S.-Saudi Business Council to welcome Crown Prince bin Salman's visit.

Crown Prince bin Salman is visiting the U.S. for the first time in seven years. After meeting with President Donald Trump at the White House today, he is scheduled to attend various welcoming events and a formal dinner in the East Room in the evening.

Chairman Chung is the only Korean businessman to attend the high-level reception at the invitation of the U.S. government.

It is reported that Chairman Chung will explore opportunities for Shinsegae's participation in Saudi development projects, such as the Diriyah Project, during his attendance at the event.

Diriyah, the birthplace of the Saudi Kingdom, is currently undergoing a $63 billion (91.7 trillion won) development project to transform it into a luxury resort with hotels and large-scale shopping centers.

The New York Times previously reported that President Trump's family business, The Trump Organization, would participate in the Diriyah Project.

The Trump Organization, along with its Saudi partner Dar Global, announced the previous day that it would build a luxury resort in the Maldives, specifically utilizing blockchain technology to attract investment.

Chairman Chung is close with President Trump's eldest son, Donald Trump Jr., to the point of calling each other "brother." They share a deep bond not only personally and emotionally but also religiously as fellow Protestants.

Last week, Chairman Chung met with Donald Trump Jr. and Omid Malek, co-founder of the venture capital firm 1789 Capital, in Spain.

Last month, Chairman Chung visited the White House and met with President Trump's staff. Separately, he is also known to have met with Howard Lutnick, U.S. Secretary of Commerce.

Yonhap News