Wemade Signs MOU with Saudi Ministry of Investment for Game and Blockchain Collaboration

by Choi Yuri

Published 25 Apr.2023 15:07(KST)

Wemade announced on the 25th that it has signed an MOU with the Saudi Arabian Ministry of Investment (MISA).

Wemade will collaborate to promote the growth of the Saudi gaming industry and the expansion of blockchain infrastructure. MISA has agreed to provide comprehensive support for Wemade’s local business activities in Saudi Arabia, including various services and networking with key companies.

Additionally, MISA will share various investment attraction opportunities it is pursuing, and Wemade plans to utilize these to establish strategic partnerships with local companies, creating a virtuous cycle.

Wemade Signs MOU with Saudi Ministry of Investment for Game and Blockchain Collaboration

MISA supports investment and business expansion for companies worldwide as part of Saudi Arabia’s ‘Vision 2030’ initiative to diversify its oil-dependent economy. In particular, gaming and esports are sectors that Saudi Arabia is focusing on at the national level.

A MISA official stated, “We are very pleased that Wemade is expanding its activities in Saudi Arabia and will continue to support networking with local strategic partners. Significant progress has been made in realizing the national strategy to become a hub for gaming and esports.”

Jang Hyun-guk, CEO of Wemade, said, “The Middle East and North Africa (MENA) region, including Saudi Arabia, is one of the important areas for expanding the WEMIX3.0 ecosystem. Wemade, which established WEMIX MENA LTD in the United Arab Emirates earlier this year, plans to collaborate more closely with regional projects and companies through this agreement.”