Hyundai Motor Group said Tuesday it has signed an initial pact with a Saudi Arabian foundation for cooperation in a smart city project. The South Korean automotive group and Misk Foundation signed a memorandum of understanding (MOU) for a partnership in a Saudi Arabian smart city project and to help develop education programs for local youths, the company said in a statement. Under the MOU, Hyundai and the Misk Foundation plan to closely cooperate to explore business opportunities in Mohammed Bin Salman Nonprofit City under construction in Riyadh, the statement said. The Misk Foundation is a nonprofit foundation established by Saudi Crown Prince Mohammed bin Salman in 2011 and dedicated to empowering and connecting young leaders, innovators and entrepreneurs globally. Source: Yonhap News Agency