Riyadh - Sharikat Mubasher: Saudi Arabia’s Ministry of Investment (MISA) signed a memorandum of understanding (MoU) with Future Play, a South Korea-based investment and accelerator firm, to support Korean startups entering into Saudi market.

This agreement is the first MoU signed by Korean venture capital with MISA and aims to foster joint investment and founders between the two countries, the company announced in a statement today.

Through this partnership, Future Play and Korean startups will be able to connect more closely with the local ecosystem of Saudi Arabia. Both sides will jointly invest with strategic partners in major areas such as healthcare, fintech, logistics, AI, and advanced manufacturing, and jointly develop a 'Saudi Stars' program to discover and foster promising Saudi founders.

An official from MISA affirmed that the agreement is expected to significantly contribute to the Kingdom’s industrial diversification and development of innovative industries.

Meanwhile, Kwon Oh-hyung, CEO of Future Play, commented: “This agreement is an important bridgehead for Korean innovative startups to enter new markets in the Middle East and a meaningful starting point for contributing to the creation of a new startup ecosystem in Saudi Arabia.”

Future Play supports entrepreneurs preparing for global expansion, such as overseas business development, global network construction, and subsequent investment attraction. It focuses on technology, lifestyle, entertainment, and platform startups.