Nam Hyun-woo has worked as a staff writer at The Korea Times since 2013, mostly covering business and politics. He currently belongs to the Business Desk where he covers topics such as emerging tech, AI, ICT and Korea's chaebol community. Prior to joining the team, he was the paper's correspondent for the presidential office of Korea during the Yoon Suk Yeol and Moon Jae-in administrations.
FuturePlay teams up with Saudi ministry for Korean startups’ Middle East entry
The logos of Saudi Arabia's Ministry of Investment and FuturePlay / Courtesy of FuturePlay
By Nam Hyun-woo
Tech-oriented investment firm FuturePlay said Monday it has signed a memorandum of understanding (MOU) with Saudi Arabia’s Ministry of Investment to support Korean startups’ entry into the regional market and encourage joint investments into promising firms.
This is the first MOU between a Korean venture capital and the ministry, creating the potential for it to serve as a stepping stone for further cooperation between the two countries in the startup and venture capital ecosystem.
Under the agreement, the two sides will cooperate to support firms invested in by FuturePlay and other Korean startups entering Saudi Arabia; make joint investments in health care, fintech, logistics, artificial intelligence and advanced manufacturing; and for joint development of Saudi Stars and jointly develop Saudi Stars, a program designed to nurture promising entrepreneurs in the kingdom.
The ministry was established in 2020 to drive the kingdom’s Vision 2030 agenda. It oversees global investment attraction, serving as the gateway and control tower for businesses entering the Saudi market. FuturePlay said it expects the partnership to further strengthen connections between Korean startups and the Saudi innovation ecosystem.
“This MOU is a major milestone for Korean startups seeking to enter the Middle East and a stepping stone toward establishing a new startup ecosystem in Saudi Arabia,” FuturePlay CEO Kwon Oh-hyoung said. “The partnership will significantly strengthen exchange between startups in both countries and expand global collaboration.”
Founded in 2013, FuturePlay is an investment and accelerator firm focusing on technology, lifestyle, entertainment and platform startups. The firm operates a full-cycle investment system spanning from accelerator, venture capital and private equity functions.