The logos of Saudi Arabia’s Ministry of Funding and FuturePlay / Courtesy of FuturePlay
Tech-oriented funding agency FuturePlay stated Monday it has signed a memorandum of understanding (MOU) with Saudi Arabia’s Ministry of Funding to help Korean startups’ entry into the regional market and encourage joint investments into promising corporations.
That is the primary MOU between a Korean enterprise capital and the ministry, creating the potential for it to function a stepping stone for additional cooperation between the 2 international locations within the startup and enterprise capital ecosystem.
Beneath the settlement, the 2 sides will cooperate to help corporations invested in by FuturePlay and different Korean startups coming into Saudi Arabia; make joint investments in well being care, fintech, logistics, synthetic intelligence and superior manufacturing; and for joint growth of Saudi Stars and collectively develop Saudi Stars, a program designed to nurture promising entrepreneurs within the kingdom.
The ministry was established in 2020 to drive the dominion’s Imaginative and prescient 2030 agenda. It oversees world funding attraction, serving because the gateway and management tower for companies coming into the Saudi market. FuturePlay stated it expects the partnership to additional strengthen connections between Korean startups and the Saudi innovation ecosystem.
“This MOU is a serious milestone for Korean startups looking for to enter the Center East and a stepping stone towards establishing a brand new startup ecosystem in Saudi Arabia,” FuturePlay CEO Kwon Oh-hyoung stated. “The partnership will considerably strengthen trade between startups in each international locations and broaden world collaboration.”
Based in 2013, FuturePlay is an funding and accelerator agency specializing in know-how, life-style, leisure and platform startups. The agency operates a full-cycle funding system spanning from accelerator, enterprise capital and personal fairness features.
