Saudi Arabia Rolls Up Sleeves to Attract Korean Ventures, Eyeing Middle East Market

South Korea's deep tech innovation has widely opened the doors to the Middle Eastern market! The Korea Venture Business Association (KOVA), in collaboration with the Ministry of SMEs and Startups (MSS) and the Embassy of the Republic of Korea in Saudi Arabia, marked the climax of the ‘2025 Support Program for SMEs and Ventures to Enter the Middle East Market’. Held for three days from August 25th to 27th at the Andaz Hotel in Seoul, this event was a fervent scene where high-ranking officials from the Saudi government and investment institutions directly visited Korea to meticulously evaluate the technological capabilities and business potential of 112 domestic deep tech companies. This program, the pinnacle of a global acceleration initiative aimed at helping the most promising domestic companies in the four key new industry sectors—AI, bio, content, and smart cities—enter the Middle Eastern market, holds special significance as it selected companies that perfectly align with local market demands through close cooperation with key government agencies such as the Saudi Ministry of Investment (MISA) and the Royal Commission for Riyadh City (RCRC). The 29 companies finally selected after fierce competition, on the last day of the event, held in-depth discussions with high-ranking Saudi officials and representatives from relevant domestic organizations to attract investment and build partnerships, laying the groundwork for future collaboration. Song Byung-joon, Chairman of the Korea Venture Business Association, pledged full support for the successful establishment of K-Ventures in the Middle East, while Lim Jeong-wook, Director-General of the Ministry of SMEs and Startups, emphasized that this would be an important stepping stone for domestic companies' global leap forward. Moon Byung-joon, Charge d'Affaires of the Embassy of the Republic of Korea in Saudi Arabia, stated his expectation that this opportunity would allow Korean companies' entry into Saudi Arabia to expand beyond traditional industries dominated by large corporations, into advanced industries led by SMEs and venture companies. Now, the 29 finally selected companies are set to officially embark on their strategy to penetrate the Middle Eastern market from September 25th to October 1st in the United Arab Emirates (Dubai) and Saudi Arabia (Riyadh), through dynamic programs including investment attraction briefings, 1-on-1 business consultations, and visits to local companies and institutions. The brilliant performance of South Korean deep tech companies is highly anticipated.