Future Play proclaimed on the 1st that it has entered into a memorandum of understanding (MISA) with the Ministry of Investment of Saudi Arabia (MISA).
This accord is a component of strategic collaboration aimed at aiding Korean startups in entering the Saudi market and promoting joint investments and entrepreneurs between both nations.
This is the initial MOU established between Korean venture capital and MISA, anticipating genuine collaboration between the startup and VC ecosystems of both nations.
MISA is a crucial department created by the Saudi government in 2020 to support the "Vision 2030" strategy, responsible for drawing in international investments and diversifying sectors.
It acts as an entry point to the Saudi market and functions as a control hub. This agreement aims to facilitate a closer connection between Future Play, Korean startups, and the local ecosystem in Saudi Arabia.
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With this MOU, both parties will back the Future Play portfolio and assist Korean startups entering Saudi Arabia, collaborate with strategic partners to invest in key sectors like healthcare, fintech, logistics, AI, and advanced manufacturing, and work together to create a 'Saudi Stars' program aimed at identifying and nurturing promising Saudi entrepreneurs.
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A representative from Saudi Arabia's Ministry of Investment stated, "The technology and start-up potential of Korea are garnering global interest." This pact is anticipated to significantly aid Saudi Arabia's diversification of industries and the advancement of innovative sectors. "Kwon Oh-hyung, CEO of Future Play, stated, 'This agreement serves as a crucial launchpad for Korean innovative startups to tap into new markets in the Middle East and marks a significant beginning for fostering a new startup ecosystem in Saudi Arabia.'"
In the meantime, Future Play has enhanced its capacity to assist entrepreneurs by transitioning to a unified representative system under Kwon Oh-hyung for the first time in 25 years.
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It aids entrepreneurs readying for international growth, including foreign business development, global network creation, and subsequent funding acquisition, while establishing a basis for sustainable development by structuring and connecting incremental financing and alternative financial options for deep-tech firms. Moreover, it enhances execution and organizational skills collectively through value improvements across functions like HR, IP, and PR.