Korea Venture Investment Exports Mother Fund Policy to Saudi Arabia

[Asia Economy Reporter Kim Cheol-hyun] Korea's Korea Fund of Funds policy is being exported to Saudi Arabia. Korea Venture Investment announced that it signed a memorandum of understanding (MOU) with the Saudi Venture Capital Company (SVC), affiliated with the Saudi Small and Medium Enterprise General Authority, on the 25th to transfer the Fund of Funds policy. SVC is a Fund of Funds management institution in Saudi Arabia under the Saudi Small and Medium Enterprise General Authority that supports domestic small and venture companies through direct and indirect investments.

This MOU includes regular video conferences between the two organizations, written responses to policy inquiries, and mutual introductions to related institutions. Once the COVID-19 situation stabilizes, regular mutual visits between the institutions are also planned to begin. Korea Venture Investment expects that through this MOU, Korea's influence in the early-stage venture investment market in the Middle East will increase, and a foundation will be established for Korean startups wishing to enter the Middle East to receive 'oil money' investments.

A Korea Venture Investment official said, "The Korea Fund of Funds has once again proven to be an exemplary case of a government Fund of Funds that is difficult to find similar examples in other countries," adding, "We will utilize it as a foundation for Korean startups to enter the Middle East market and attract 'oil money' investments."

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