FuturePlay announced on the 1st that it signed a Memorandum of Understanding (MOU) with the Saudi Arabian Ministry of Investment (MISA). This agreement is part of a strategic partnership to support Korean startups entering the Saudi market and to foster joint investments and entrepreneurship between the two countries. This marks the first time a Korean VC has signed an MOU directly with MISA, highlighting the significant symbolic significance of this partnership.
MISA, established in 2020 as a key agency to implement the Saudi government's Vision 2030 strategy, oversees attracting global investment and industrial diversification. As a gateway and control tower for accessing the Saudi market, this agreement is expected to enable Korean startups to connect more closely with the local ecosystem.
Through this MOU, the two parties agreed to ▲support the Future Play portfolio and Korean startups entering the Saudi market, ▲discover strategic partners and make joint investments in key industries such as healthcare, fintech, logistics, AI, and advanced manufacturing, and ▲jointly develop “Saudi Stars,” a program to discover and nurture promising local Saudi entrepreneurs.
An official from Saudi Arabia's Ministry of Investment said, "Korea's technological prowess and entrepreneurial capabilities are attracting global attention," and added, "We expect this agreement to contribute to Saudi Arabia's industrial diversification and fostering innovative industries."
Futureplay CEO Kwon Oh-hyung said, “This agreement will serve as a crucial foundation for Korean innovative startups to enter new markets in the Middle East,” adding, “We will contribute to expanding exchanges between startups in both countries and strengthening global cooperation.”
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