Saudi Arabia and South Korea have launched a joint initiative to facilitate the entry of Korean startups and SMEs into the Saudi market, focusing on four strategic sectors: artificial intelligence (AI), bio-health, tourism and entertainment, and smart city construction. The programme will select 27 Korean companies, with Saudi-based AI firm HUMAIN pledging to invest up to $2 million in each qualified company.
Applications will be open from July 7 to July 24, 2025, through South Korea’s official SME Overseas Expo Portal. This initiative is part of a broader cooperation effort driven by the Korean Ministry of SMEs and Startups (MSS) and the Korean Embassy in Riyadh, and it reflects Saudi Arabia’s Vision 2030 strategy to attract tech-enabled ventures and diversify its economy.
“We hope this project is an opportunity for our companies to boost their presence in Saudi Arabia… in cutting-edge sectors such as AI,” said Moon Byung-Jun, Acting Korean Ambassador to Saudi Arabia.
The programme is backed by a $160 million Korea-Saudi joint fund and supported by major Saudi organizations including Red Sea Global, Al Murabba, Saudi Venture Capital Company, and Wa’ed Ventures, the investment arm of Saudi Aramco. Participating companies will undergo a selection process in July and August and travel to Saudi Arabia in September 2025 to engage with government bodies, investors, and local partners.
