Tech-focused investment firm FuturePlay announced on Monday that it has signed an MOU with Saudi Arabia’s Ministry of Investment. The partnership aims to help Korean startups enter the Saudi and Middle Eastern markets and promote joint investments in promising companies.
This marks the first MOU between a Korean venture capital firm and Saudi Arabia’s Ministry of Investment.
The agreement could become a stepping stone for deeper collaboration between the two countries in the startup and venture capital ecosystem.
Under the agreement, both sides will work together to help FuturePlay-backed companies and other Korean startups enter the Saudi market. They will also explore joint investments in sectors like healthcare, fintech, logistics, AI, and advanced manufacturing.
The partnership will also include the joint development of Saudi Stars, a program aimed at supporting and nurturing promising entrepreneurs in the kingdom.
The ministry was set up in 2020 to support Saudi Arabia’s Vision 2030 goals. It manages global investment efforts and acts as a gateway for businesses entering the Saudi market.
FuturePlay said the partnership is expected to strengthen ties between Korean startups and Saudi Arabia’s growing 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 that focuses on startups in technology, lifestyle, entertainment, and platform businesses.
The firm offers a full-cycle investment approach, covering everything from accelerator programs to venture capital and private equity investments.
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