Wemade CEO Jang Hyun-guk Meets Saudi Investment Ministry... Is Oil Money Coming?
Jang Hyun-guk, CEO of Wemade, met with the Saudi Arabian Ministry of Investment (MISA).
Wemade announced on the 21st that on the 19th, an advisor from the startup-related department of the Saudi Arabian Ministry of Investment unofficially met with CEO Jang Hyun-guk.
This meeting took place ahead of the visit by Saudi startup officials, including the Saudi Ministry of Investment advisor and representatives from King Abdullah University of Science and Technology (KAUST), to the Pangyo Startup Zone, organized by the Gyeonggi Center for Creative Economy and Innovation the previous day. The Saudi side listened to the current status of the startup ecosystem in Pangyo Techno Valley and directly observed the acceleration activities at the Pangyo Startup Zone, where over 120 startups and investment firms are gathered.
Attention is focused on whether Wemade will secure investment through this meeting. Previously, Savvy Games Group, under the Saudi sovereign wealth fund Public Investment Fund (PIF), announced plans to invest $38 billion in the gaming industry by 2030. Domestic game companies invested in by Saudi Arabia include Nexon and NCSoft. Early last year, through PIE, Saudi Arabia invested over 300 million KRW, becoming the second-largest shareholders of Nexon (8.14%) and NCSoft (9.26%).
Wemade is actively demonstrating its commitment to pioneering the Middle Eastern market. In February, it signed a strategic partnership related to the blockchain game platform WEMIX Play with a subsidiary of Savvy Games Group under the Saudi sovereign wealth fund PIF. Additionally, Wemade is participating in the '1st University Game Dev League,' a game developer competition for university students hosted by Nine66, a subsidiary of Savvy Games Group.
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A Wemade representative stated, “It is true that CEO Jang met with them, but the details of the meeting are difficult to confirm and will be announced soon.”
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