Kumyang Co., Ltd. is a South Korean company specialising in petrochemicals and lithium battery manufacturing. In April 2025, the company decided to expand its operations and sought a strategic partner to support the move. The chosen partner was SKAEEB Trading & Investment, a Saudi company that agreed to purchase a stake in the Korean firm for 270 million dollars.

However, despite all formal contracts being signed, the money never arrived in Korea. Why?

Because SKAEEB Trading & Investment itself became a casualty of the faltering Vision 2030 projects.

The company had been involved in government projects linked to Saudi Vision 2030. But following the cancellation of many projects, along with delayed payments to contractors, the company fell into financial distress and was unable to meet its financial commitments to the Korean partner.

What were the consequences for the Korean company?

Kumyang had placed full trust in the Saudi investor and never imagined the agreed funds under the partnership contracts would fail to materialise. As a result, it moved rapidly ahead with expansion plans, signed major financial agreements, and relied on the anticipated Saudi payments to finance them.

The funds never came, pushing the company into a legal and financial crisis.

As a consequence, Kumyang was delisted from the stock exchange in May 2026 and is now believed to be only days or weeks away from declaring bankruptcy, due to debts accumulated from expansion projects that were originally expected to be covered by the Saudi partner.

As for the Saudi side, its executives reportedly found no solution other than fleeing South Korea. Company officials and managers abandoned the office without prior notice, leaving employees, government authorities and the Korean partner without any warning or explanation.

Who is SKAEEB Trading & Investment?

SKAEEB Trading & Investment is a construction and contracting company based in Khobar. It was reportedly controlled behind the scenes by the late former Eastern Province governor Mohammed bin Fahd Al Saud, while businessmen were publicly presented as the company’s official owners. Following his death, ownership was distributed among several businessmen, including his son Turki.

Saudi Arabia’s reputation as a reliable investment partner is declining dramatically.