Saudi Arabia and South Korea will establish a joint fund worth US$160 million with participation from Saudi Venture Investment (SVC) and Saudi National Wealth Fund (PIF Jada).
The joint fund came within a Memorandum of Understanding (MOU) for investment cooperation and startup support between South Korea and Saudi Arabia.
It was initially established with an initial investment of US$10 million in an existing fund worth US$150 million, in which Saudi Arabia is a key investor.
South Korea and Saudi Arabia have announced the creation of a joint fund worth $160 million to invest in both South Korean and Saudi startups.
The joint fund falls under an 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 last year.
The joint fund aims to strengthen bilateral economic ties and create new opportunities for startups and entrepreneurs from both countries.
South Korea and Saudi Arabia have boosted bilateral cooperation in various fields, including signing 26 investment contracts and memoranda of understanding through bilateral summits, fostering active exchanges in the realms of economy and culture.
The joint fund aims to strengthen bilateral economic ties and create new opportunities for startups and entrepreneurs from both countries. Additionally, both countries established the Riyadh Global Business Center (GBC), a platform for supporting the entry and settlement of small and medium-sized venture companies in Saudi Arabia.
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