Seoul Investment Agency Invites Saudi Sovereign Wealth Fund... Supporting Unicorn Investment Attraction

Sovereign Wealth Fund PIF Jada and SVC Visit Korea... PIF Jada Signs Business Agreement with Seoul Investment Agency
Supporting Middle Eastern Investment Attraction to Seoul-Based Unicorn Companies

[Asia Economy Reporter Lim Cheol-young] Two sovereign wealth funds from Saudi Arabia, known as major players in the Middle East, will visit Seoul at the invitation of the Seoul Investment Agency. The Seoul Investment Agency is reviewing investment attraction in competitive Seoul unicorns by the Saudi sovereign wealth funds while seeking cooperation measures for startup growth and networking between the two regions.

According to the Seoul Metropolitan Government on the 20th, Saudi Arabia's sovereign wealth funds PIF Jada (Public Investment Fund Jada) and SCV (Saudi Venture Capital Corporation) will visit Korea at the invitation of the Seoul Investment Agency until the 22nd. This is the first time Saudi Arabian sovereign wealth funds have been invited, made possible with the support of Shin Yoo-geun, CEO of Shorooq Partners, a global investment attraction group operated by Seoul City.

First, on this day, the Seoul Investment Agency will sign a business agreement with PIF Jada to establish a foundation for overseas investment attraction for Seoul companies. The signing ceremony will be attended by Gu Bon-hee, CEO of the Seoul Investment Agency, and Majin Alshanbari, Head of Investment at PIF Jada. PIF Jada is a public investment fund led by Saudi Crown Prince Bin Salman, investing in fields such as information technology (IT), finance, gaming, and real estate.

PIF Jada is a wholly owned subsidiary of PIF that promotes the venture capital and private equity ecosystem and supports stable economic diversification of innovative small and medium enterprises. It holds 23 funds, including the Bedaya Fund operated by Shorooq Partners. Additionally, SCV is an affiliate of Monsha’t, the Saudi Small and Medium Enterprises General Authority, and operates a mother fund supporting small and medium venture enterprises. SCV manages more than 10 funds and supports SMEs through direct and indirect investments, including co-investing with venture capital firms like Shorooq Partners in startups from early to growth stages or investing directly in VC funds that invest in early-stage companies.

The main content of this agreement is based on joint cooperation to discover promising companies in Seoul and Saudi Arabia and provide investment and support. It also includes building networks and partnerships for startup growth and creating a global entrepreneurial ecosystem between the two regions. Furthermore, PIF Jada and SCV will support investment attraction through briefing sessions with Seoul-based unicorn companies in sectors of interest such as Korean gaming, commerce, and AI. Three unicorn companies will participate over two days on the 21st and 22nd.

Support will also be strengthened for companies already operating in the Middle East. Various innovative companies active in healthcare, AI, big data, and other fields in the Middle East will be introduced to PIF Jada and SCV, providing opportunities for free dialogue and turning this into a chance to generate investment outcomes. On the 21st, participating companies will promote their businesses and have networking time to explore localization strategies for the Middle Eastern market and investment attraction opportunities.

The Seoul Investment Agency will launch a full-scale campaign to attract investment from the Middle East starting with this invitation. In October, it will attend GITEX, the largest information and communications exhibition in the Middle East, operate a Seoul Pavilion, and introduce 10 Seoul companies to local investors. Gu Bon-hee, CEO of the Seoul Investment Agency, said, “Seoul has many startups based on excellent talent and innovative technology. We hope this visit will be an opportunity for Seoul startups to enter the Middle Eastern market, and through additional cooperation with the Middle East, we will lay the groundwork to revitalize somewhat stagnant global investment.”

This content was produced with the assistance of AI translation services.