Korean Ventures and Startups Entering Saudi Arabia... GBC Opening Ceremony and Meetings Continue

Riyadh GBC, Operated by Ministry of SMEs and Saudi Investment Ministry
Conducts Investment IR for 12 Korean Ventures and Startups

On the 23rd (local time), the Ministry of SMEs and Startups held the ‘Saudi Venture and Startup Departure Ceremony’ in Riyadh, Saudi Arabia, the ministry announced on the 24th.

This event was organized to strengthen cooperation in the venture and startup sectors between the Republic of Korea and Saudi Arabia in line with the ‘Dispatch of Middle East Economic Delegation.’ Korean venture companies and startups wishing to enter the Saudi market attended.

Im Jeong-wook, Director of the Startup Venture Innovation Office at the Ministry of SMEs and Startups (second from the right), Ammar Altaf, Director of the Saudi Investment Department (third from the right), and others are performing a celebratory gesture with attendees at the "K-SME & K-Startup Day in KSA" held on the 23rd (local time) in Riyadh, Saudi Arabia.
Photo by the Ministry of SMEs and Startups

Along with the departure ceremony, the Riyadh Global Business Center (GBC) opening ceremony, Korea-Saudi startup roundtable, and follow-up IPO (IR) for the Korea-Saudi joint fund were held.

First, at 10 a.m. on the same day, the Riyadh GBC opening ceremony took place at Riyadh Front, where the Riyadh GBC is located, with the attendance of Ibrahim AlMubarak, Deputy Minister of the Saudi Ministry of Investment (MISA). Among the 26 companies preparing to move in, 15 companies also participated.

Operated through cooperation between the Ministry of SMEs and Startups and the Saudi Ministry of Investment, the Riyadh GBC is expected to become a base for small and medium-sized and venture companies to enter the Saudi market. For companies moving into the GBC, the Ministry of SMEs and Startups provides office space and advisory services for local settlement, while the Saudi Ministry of Investment issues an ‘Entrepreneur Investment License.’ The Entrepreneur Investment License was introduced by the Saudi Ministry of Investment to attract overseas innovative companies to the country, significantly reducing the annual license maintenance fee of about 20 million KRW to approximately 20% of that amount. Among the companies that applied for residency in advance, 12 are undergoing the Entrepreneur Investment License issuance process.

At 1 p.m., the departure ceremony was held with the participation of Saudi government officials including the Saudi Small and Medium Enterprise Authority, 33 companies hoping to enter the Saudi market, and Saudi companies. At this event, four Memorandums of Understanding (MOUs) were signed between Korean and Saudi Arabian companies.

These MOUs were discovered through the ‘Youth Startup Academy Global Expansion Program.’ Participating companies will stay in Saudi Arabia until the 24th to conduct market research, local venture capital (VC) mentoring, and demo days.

Following the departure ceremony, a ‘Korea-Saudi Startup Roundtable’ was held. MOU-signing companies and Riyadh GBC resident companies participated to discuss ways to enhance cooperation between companies from both countries.

At 4 p.m. on the same day, investment IRs for 12 Korean ventures and startups were conducted. This is a follow-up project of the Korea-Saudi joint fund signed when Minister Lee Young visited Saudi Arabia in June. About 30 local investors and investment institutions, including the Saudi Public Investment Fund (PIF jada), Saudi Venture Capital (SVC), and Aramco (ARAMCO) Ventures, attended the IR.

Im Jung-wook, Director of the Startup Venture Innovation Office at the Ministry of SMEs and Startups, emphasized, “Saudi Arabia is promoting the ‘Saudi Vision 2030’ project to prepare for the post-oil era,” adding, “This is an opportunity for Korea’s technologically advanced ventures and startups.”

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