- Saudi Arabia and Korea have launched a joint project to support the entry of Korean startups and small businesses into the Saudi market across four key sectors, most notably AI.
- A total of 27 Korean companies will be selected to participate, with Saudi Arabia’s HUMAIN announcing its readiness to invest up to $2 million in each eligible company.
- The project aims to expand economic cooperation to include emerging tech companies, in support of Saudi Arabia’s Vision 2030.
In a new step to strengthen economic cooperation between the Kingdom of Saudi Arabia and South Korea, the Korean Ministry of SMEs and Startups, in collaboration with the Korean Embassy in Riyadh, announced the launch of a joint project aimed at supporting the entry of Korean small, medium, and startup enterprises into the Saudi market.
This project comes as part of the governmental cooperation between the two countries, with applications open from July 7 to 24, 2025, through the official website for SME international exhibitions. The project aims to select 27 Korean companies across four key sectors:
- Artificial Intelligence (10 companies)
- Biotechnology and Health (7 companies)
- Tourism and Entertainment (5 companies)
- Smart Cities and Construction (5 companies)
This initiative responds to the rapid growth seen across various economic sectors in Saudi Arabia, especially in light of Vision 2030, which promotes digital transformation and openness to foreign investment.
In this context, Moon Byung-Jun, Acting Korean Ambassador in Riyadh, stated that the project represents an opportunity to expand the presence of Korean companies in Saudi Arabia beyond major corporations, to include startups and tech-focused firms, especially in advanced fields like AI.
Notably, the project is backed by several Saudi entities, including government ministries, agencies, and venture capital firms. Saudi-based HUMAIN, a leading AI agency, has announced its willingness to invest up to $2 million in each qualified Korean startup.
The final list of selected companies is expected to be announced in August 2025, with the chosen firms visiting Saudi Arabia at the end of September for direct meetings with Saudi entities to explore cooperation and investment opportunities.
العربية (Arabic) To read the article in Arabic, click here
