South Korea's top conglomerate chiefs met with Saudi Arabia's Crown Prince Mohammed bin Salman in Seoul on Thursday and held extensive talks on economic cooperation including the country’s “NEOM City” project.

The meeting at Lotte Hotel ran for 90 minutes with eight leaders from the country's top 20 business groups in attendance, including Samsung Electronics executive chairman Lee Jae-yong, SK Group chairman Chey Tae-won and Hyundai Motor Group chairman Chung Eui-sun. 

Speaking to reporters after the meeting at around 7 p.m., Chung Ki-sun, president of Hyundai Heavy Industries Group, said he proposed more future projects together as the two sides have a long history of collaboration.

According to sources in the business sector, much of a meeting covered cooperative measures relating to NEOM, the crown prince’s 500 billion-U.S.-dollar smart megacity project that some South Korean companies have secured contracts on.

According to the state-run Saudi Press Agency, the two sides discussed promising investment opportunities in various areas of energy, technology, industries, construction and smart city development.