In a landmark collaboration, Saudi Arabia and South Korea have unveiled a joint initiative designed to help Korean startups and small-to-medium enterprises (SMEs) expand into the Saudi market. The program zeroes in on four key industries: artificial intelligence (AI), bio-health, tourism & entertainment, and smart city construction.
This cross-border effort represents a powerful alignment between Korea’s innovation ecosystem and Saudi Arabia’s Vision 2030. The program seeks to diversify the Kingdom’s economy through technology and entrepreneurship.
Backed by Strong Investment and Institutional Support
At the heart of this initiative is a $160 million Korea-Saudi joint fund, a testament to the depth of commitment from both nations. A total of 27 Korean startups will be selected through a competitive process to receive hands-on support and funding.
- ✅ Up to $2 million investment per startup from HUMAIN, a leading Saudi-based AI firm
- ✅ Support from top Saudi entities including Red Sea Global, Al Murabba, Wa’ed Ventures (Aramco’s VC arm), and the Saudi Venture Capital Company
- ✅ Backed by South Korea’s Ministry of SMEs and Startups (MSS) and its Embassy in Riyadh
This program is a gateway for Korean innovation to scale globally, using Saudi Arabia as a launchpad into the broader Middle East region.
Application Timeline and Selection Process
Interested Korean startups can apply via the SME Overseas Expo Portal from July 7 to July 24, 2025. The selection process will take place over July and August, with finalists invited to Saudi Arabia in September 2025.
Once selected, startups will gain:
- Direct exposure to Saudi government agencies
- Meetings with local investors and corporate partners
- Opportunities for in-market testing and pilot programs
This hands-on access to local stakeholders is a critical advantage for foreign startups entering a new region.
A Strategic Move for Both Nations
This initiative reflects South Korea’s ambition to globalize its tech ecosystem and Saudi Arabia’s determination to attract cutting-edge innovation. The selected industries, AI, bio-health, tourism, and smart infrastructure, align directly with Saudi Arabia’s economic diversification goals.
Moon Byung-Jun, Acting Korean Ambassador to Saudi Arabia, emphasized the potential impact:
“We hope this project becomes a launchpad for our companies to strengthen their presence in Saudi Arabia, especially in future-focused industries like AI.”
Aligning with Vision 2030
As Saudi Arabia accelerates its transformation into a tech-driven economy, partnerships like this create a win-win scenario. Korean startups gain market access and capital, while Saudi Arabia taps into proven innovation to build smarter cities, advanced healthcare systems, and world-class entertainment offerings.