Korean startups’ Middle East expansion gains strong momentum from a landmark partnership. FuturePlay, a prominent Korean tech investment firm, signed a memorandum of understanding with Saudi Arabia’s Ministry of Investment. This agreement paves the way for Korean firms to enter the Saudi market while promoting joint investments in vital sectors.​
Partnership Details Expanded
FuturePlay and the ministry agree to support startups from FuturePlay’s portfolio alongside other Korean companies aiming for Saudi Arabia. They plan co-investments with strategic partners in healthcare, fintech, logistics, artificial intelligence, and advanced manufacturing. The collaboration extends to developing the Saudi Stars program, which identifies and nurtures promising Saudi entrepreneurs for sustained growth.​
Historic First Collaboration
The MOU represents the first such deal between a Korean venture capital firm and the Saudi ministry. Launched in 2020, the ministry drives Saudi Vision 2030 by attracting international capital and simplifying market entry for global businesses. FuturePlay positions this tie-up as a vital bridge linking Korean startups with the kingdom’s expanding innovation networks.​
FuturePlay’s Investment Expertise
FuturePlay, established in 2013, operates a comprehensive investment model covering accelerators, venture capital, and private equity stages. The firm focuses on technology, lifestyle, entertainment, and platform startups, helping them scale globally. CEO Kwon Oh-hyoung described the partnership as a key bridgehead that fosters deeper exchanges and builds a new startup ecosystem in Saudi Arabia.​
Saudi Ministry’s Strategic Perspective
A ministry official highlighted Korea’s renowned technology and startup prowess, which commands global attention. This agreement bolsters Saudi Arabia’s industrial diversification and innovation push under Vision 2030. The ministry serves as the primary gateway, offering streamlined access and oversight for foreign investors entering the market.​
Regional Growth Opportunities
Korean startups and Middle East ventures align with recent successes, such as Cheonan’s deep-tech firms securing $255 million in deals at BIBAN 2025 in Riyadh. Events like GITEX 2025 featured over 1,200 investors evaluating 2,000 startups, spotlighting Korean strengths in AI and health tech. Recent Middle East startup funding reached nearly $495 million, driving team expansions and tech deployments across the region.​
Broader Bilateral Ties
Korea and Saudi Arabia deepen connections in AI and startups, reflecting Vision 2030’s diversification goals. The UAE now hosts 1,300 Korean companies, signaling robust Gulf ties. FuturePlay’s move taps into Saudi’s policy-driven channels and capital networks, easing entry for Korean deep-tech expertise where local capabilities grow.​
Long-Term Ecosystem Impact
Kwon Oh-hyoung emphasized the MOU’s role in turning Korean innovation into a global engine. It promises ongoing founder exchanges, joint programs, and shared growth. Saudi leaders leverage Korean know-how to accelerate their oil-free economy, creating a dynamic cross-border startup landscape that benefits both nations.​
