Saudi Arabia’s Ministry of Investment (MOI) has signed a Memorandum of Understanding (MOU) with South Korean investment firm FuturePlay, marking a significant step in strengthening the Kingdom’s tech ecosystem. The landmark agreement aims to facilitate the entry of Korean startups into the Saudi market and foster joint investment opportunities across several key sectors.
This partnership is the first of its kind between a Korean investment entity and the Saudi MOI, underscoring the Kingdom’s commitment to diversifying its economy and attracting global tech talent as part of its Vision 2030 goals.
Bridging Korean Innovation with Saudi Vision
The core objective of the MOU is to create a seamless pathway for high-potential Korean startups, particularly those within FuturePlay’s portfolio, to expand their operations into Saudi Arabia. The collaboration will provide essential support and resources to these companies, helping them navigate the local market and establish a strong presence.
This strategic alliance is designed to serve as a bridge between the mature Korean innovation ecosystem and Saudi Arabia’s rapidly growing tech landscape, promoting knowledge exchange and global collaboration.
Strategic Sectors and Joint Investments
The agreement outlines several strategic sectors for cooperation and joint investment. These include high-growth industries critical to the Kingdom’s economic development, such as healthcare, fintech, logistics, artificial intelligence (AI), and advanced manufacturing. By focusing on these areas, the partnership aims to accelerate innovation and build local capabilities.
Cultivating Local Talent with Saudi Stars
A key component of the partnership is the joint development of the “Saudi Stars” program. This initiative is designed to nurture promising entrepreneurs within the Kingdom by providing them with mentorship and expertise from Korean investors and industry leaders. The program seeks to cultivate local entrepreneurial skills and support the next generation of Saudi founders.
About FuturePlay
Founded in 2013, FuturePlay is a venture capital and accelerator firm based in Korea. It operates a full-cycle investment system that supports technology-focused startups from their earliest stages through to growth equity. The firm invests in a wide range of sectors, including technology, lifestyle, entertainment, and platform-based businesses.
Source: Jawlah
