Korean VC FuturePlay & Saudis MOI Join to Back Korean Startups in MENA

For Korean founders looking at Saudi Arabia, a formal path is taking shape. FuturePlay, a Korea-based investment firm, has signed a memorandum of understanding with Saudi Arabia’s Ministry of Investment to support Korean startups entering the kingdom and to encourage joint investments in promising companies.

Under the agreement, the parties aim to support firms invested in by FuturePlay and other Korean startups entering Saudi Arabia; make joint investments in healthcare, fintech, logistics, artificial intelligence and advanced manufacturing; and jointly develop Saudi Stars, a programme designed to nurture entrepreneurs in the Kingdom.

“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. The partnership will significantly strengthen exchange between startups in both countries and expand global collaboration,” said FuturePlay CEO Kwon Oh-hyoung.

Founded in 2013, FuturePlay is a venture capital firm investing from early to later stages across technology, lifestyle, entertainment and platform startups. It operates a full-cycle investment system spanning accelerator, venture capital and private equity functions.