FuturePlay announced on December 1 that it has signed a landmark memorandum of understanding (MOU) with the Ministry of Investment of Saudi Arabia (MISA), marking the first agreement of its kind between a Korean venture capital (VC) firm and the Saudi ministry. The strategic partnership aims to accelerate the entry of Korean startups into the Saudi market while fostering joint investment and entrepreneurial development between the two countries.
The agreement is expected to serve as a catalyst for deeper cooperation between the startup and VC ecosystems of Korea and Saudi Arabia, aligning with Saudi Arabia’s Vision 2030 goals.
Established in 2020, MISA plays a central role in advancing Saudi Arabia’s industrial diversification and global investment strategy. It acts as a “gateway and control tower” for international companies looking to enter the Saudi market. Through this partnership, FuturePlay and its portfolio companies are expected to gain enhanced access to Saudi Arabia’s rapidly growing innovation ecosystem.
Under the MOU, both sides will collaborate on:
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Supporting the market entry of FuturePlay portfolio companies and Korean startups into Saudi Arabia.
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Forming strategic partnerships and pursuing joint investments in key sectors such as healthcare, fintech, logistics, artificial intelligence, and advanced manufacturing.
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Jointly developing the Saudi Stars program to identify and nurture promising local entrepreneurs.
A MISA official highlighted Korea’s technological and entrepreneurial strengths, stating that the partnership “is expected to significantly contribute to Saudi Arabia’s industrial diversification and the development of innovative industries.”
FuturePlay CEO Kwon Oh-hyung described the agreement as an important milestone for Korean startups eyeing expansion into the Middle East. “This MOU serves as a crucial bridgehead for Korean innovative startups entering emerging markets in the region and marks a meaningful starting point for contributing to the creation of a new startup ecosystem in Saudi Arabia,” he said. “It will strengthen exchanges between startups in both countries and enhance global cooperation.”
FuturePlay recently transitioned to a sole leadership structure under CEO Kwon Oh-hyung, reinforcing its support mechanisms for entrepreneurs. The company continues to back founders targeting global expansion through international business development, network building, fundraising initiatives, and tailored financial solutions for deep-tech companies seeking sustainable, long-term growth.
