To enhance startup support and investment cooperation, South Korea and Saudi Arabia have announced the creation of a joint fund worth $160 million (approximately 208.4 billion won). The establishment of this fund is a follow-up measure to the “MOU for Investment Cooperation and Startup Support between South Korea and Saudi Arabia,” which was signed during a visit by Crown Prince Bin Salman of Saudi Arabia to Korea in November of the previous year.

The signing ceremony took place at the Crown Plaza Hotel in Riyadh, Saudi Arabia. Minister Lee Young attended it from the Ministry of SMEs and Startups and Yousef Al Benyan, Chairman of the Board of Directors of Saudi Small and Medium Business Bank. The joint fund was established by investing $10 million (13 billion won) in an existing fund worth $150 million (195.4 billion won), in which Saudi Arabia is a major investor. An additional $160 million (208.4 billion won) was raised, with participation from Saudi Venture Investment (SVC) and Saudi National Wealth Fund (PIF Jada).

The two countries agreed to make mandatory investments of at least 10 million dollars in Korean companies through a joint fund. Minister Lee said. The joint fund aims to strengthen bilateral economic ties and create new opportunities for startups and entrepreneurs from both countries.