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| Minister of Land, Infrastructure and Transport Won Hee-ryong, right, holds hands with Princess Haifa Bint Mohammed Al Saud, who's also Deputy Tourism Minister of Saudi Arabia, at Shilla Hotel in central Seoul, Tuesday. Courtesy of Ministry of Land, Infrastructure and Transport |
Seoul invites Saudi sovereign wealth funds this week
By Anna J. Park
Saudi Arabia's sovereign wealth funds seek investment opportunities in Korea, particularly in the area of gaming and cultural sectors, as they paid a visit to Korea this week.
According to the Seoul Metropolitan Government, the city and "Invest Seoul ― the metropolitan government's investment arm ― invited key officials of two Saudi sovereign wealth funds to stay in Seoul from Monday to Thursday this week. The invitation aims to show the appeal of local competitive startup businesses to the Saudi wealth fund officials, hoping to attract investments from them.
This is the first time that the Seoul city government invited the two Saudi sovereign wealth funds ― Public Investment Fund (PIF) Jada and Saudi Venture Capital (SVC). Led by Crown Prince Mohammed bin Salman, Jada focuses on various sectors, including IT, finance, gaming and real estate. SVC is a state-run investment firm that supports venture and startup businesses.
Invest Seoul and PIF Jada signed a MOU on Tuesday, while other network programs and investment information sessions are being hosted this week. PIF Jada and SVC are slated to attend investment information sessions on two days from Wednesday, where Seoul-based startups in the area of games, commerce and AI also participate.
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"While local investment activities for startups have slowed down amid soaring interest rates and inflation, investment cooperation with Middle East countries abundant with oil money has become ever more important," Gu Bon-hi, head of Invest Seoul, said. "I hope this opportunity provides tech-based local startup businesses an opportunity to advance into the Middle East market," Gu added.
Investment cooperation between Korea and Saudi Arabia has been strengthened lately, especially in the game sector. Saudi's sovereign wealth fund PIF became the second largest shareholder of NCSOFT, acquiring a 9.26 percent stake of the game company early this year. PIF has also purchased a significant portion of NEXON, now a Japan-headquartered game company which was originally started in Korea by its Koreans founders during the 1990s.
Such moves show Saudi sovereign wealth funds' efforts to diversify its investment portfolios, beyond the country's traditional strength in oil industries. Earlier this year, the PIF launched "Savvy Gaming Group," aiming to lead the world's gaming industries. Saudi Arabia also launched "Ignite," an executive initiative aiming to lead the global digital content sector.
Meanwhile, Saudi Prince Faisal bin Bandar Al Saud, chairman of Saudi Esports Federation, is to attend this year's Global Esports Executive Summit (GEES), slated to be held in Busan later this month.
Princess Haifa Bint Mohammed Al Saud, Deputy Tourism Minister of Saudi Arabia, also recently met Korea's Land, Infrastructure and Transport Minister Won Hee-ryong, to discuss cooperation between the two countries in infrastructure as well as the cultural contents sector.
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