FuturePlay Partners with Saudi Ministry to Boost Korean Startups in MENA

Korea’s FuturePlay has signed a new memorandum of understanding with Saudi Arabia’s Ministry of Investment, a move that could open the door for more Korean startups eyeing the region. I’ve seen this kind of cross‑border push gain real momentum in the MENA scene over the past few years, and—spot on—it often starts with agreements just like this one.

Under the partnership, both sides plan to support startups backed by FuturePlay, along with other Korean innovators hoping to land in Saudi Arabia. The focus spans healthcare, fintech, logistics, artificial intelligence and advanced manufacturing. They’re even setting up a programme called Saudi Stars, which is meant to nurture fresh entrepreneurial talent in the kingdom. I reckon this is the sort of initiative that can give founders that extra nudge of confidence, especially when entering markets that can feel like a bit of a faff at first.

FuturePlay’s CEO, Kwon Oh-hyoung, described the MOU as a major milestone for Korean startups exploring the Middle East and a foundation for a new ecosystem in Saudi Arabia. He noted that the partnership should strengthen the exchange between startups in both countries and widen collaboration on a global scale.

FuturePlay itself isn’t new to this game. Founded in 2013, the firm invests from early to later stages, covering tech, lifestyle, entertainment and platform-focused startups. It also runs what it calls a full-cycle investment system, blending accelerator functions with venture capital and private equity. On the flip side, Saudi Arabia has been steadily stepping up its attraction strategy for global founders, and agreements like this fit neatly into that bigger picture. And believe it or not, I remember chatting with a young founder at an Arageek event who said that entering Saudi felt “like learning to swim in deeper water”—scary at first, but surprisingly rewarding.

The bottom line here is simple: this MOU is designed to formalise cooperation, support Korean companies entering the Saudi market and pave the way for joint investments. It also adds structured programmes like Saudi Stars into the mix, potentially giving both sides a stronger footing. All in all, a promising step—even if the devil is definately in the details, as always in startup land.

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