SEOUL, South Korea: Samsung Electronics and its affiliated companies plan to spend $22 billion over the next three years on artificial intelligence, auto components and other future businesses.
Samsung said Wednesday it will spend the sum, amounting to 25 trillion won, to hire artificial intelligence researchers, to be a global player in next generation telecoms technology and to boost its presence in electronics components for future cars.
South Korea relies heavily on Samsung and its affiliated companies for investment and jobs, even after a corruption scandal that resulted in the bribery prosecution of the conglomerate’s leader, Lee Jae-yong. Lee was freed after nearly a year in jail.
The company’s investment announcement came two days after the finance minister visited a Samsung computer chip factory, where he touted Samsung’s importance in Asia’s fourth-largest economy.
Samsung to put $22 billion in artificial intelligence, autos
Samsung to put $22 billion in artificial intelligence, autos
- Samsung Electronics and its affiliated companies plan to spend $22 billion over the next three years
- South Korea relies heavily on Samsung and its affiliated companies for investment and jobs
No Saudi acquisition offers: FC Barcelona tells Al-Eqtisadiah
CAIRO: FC Barcelona has not received any offers, whether from Saudi Arabia or elsewhere, to acquire the club, according to an official source who spoke to Al-Eqtisadiah.
According to the source, the circulating news regarding the possibility of finalizing a deal to acquire the club in the coming period is a mere rumor.
Recent Spanish reports had indicated the possibility of a Saudi acquisition of Barcelona shares for around €10 billion ($11.7 billion), a move considered capable of saving the club from its financial crises if it were to happen, especially as it suffers from debts estimated at around €2.5 billion.
Sale not in management’s hands
Joan Gaspart, the former president of the club, confirmed that the current board of directors, chaired by Joan Laporta, does not have the right to dispose of the club’s ownership.
He added: “FC Barcelona is owned by about 150,000 members, and selling the club is something the owners will not accept. FC Barcelona possesses something no other club in the world has; money is very important, and so is passion, but the sentiment of the members today is to continue what the club has been for 125 years.”
High market value
Despite the financial crisis the club has been going through in recent years, FC Barcelona ranks sixth on the list of the world’s highest market value clubs, with an estimated value of €1.12 billion, according to Transfermarkt. Meanwhile, its rival Real Madrid tops the list with a market value of €1.38 billion.
