Korea Venture Investment Corporation (KVIC) said it hosted "K-Global Star Meet up in Saudi" in Riyadh, Saudi Arabia, from the 8th to the 9th, strengthening the foundation for Korea-Saudi venture investment cooperation through collaboration with Saudi government agencies, sovereign wealth funds, and policy investment institutions.
The Korea Venture Capital Association and the Korea Angel Investment Association joined the event, and 19 officials from 13 domestic venture capital (VC) firms attended. Korea Venture Investment Corporation and private VCs introduced Korea's venture investment ecosystem and discussed practical possibilities for investment cooperation with Middle Eastern capital.
The schedule was promoted as part of the "K-Global Star" program launched in 2023. K-Global Star is a program in which Korean VCs and Korea Venture Investment Corporation cooperate to attract overseas capital and support domestic startups' global expansion, linking overseas capital to investments in domestic VCs and startups.
In particular, Korea Venture Investment Corporation, through high-level talks with the Saudi Ministry of Communications and Information Technology (MCIT), agreed to jointly build a Korea-Saudi venture ecosystem cooperation model. The two sides plan to pursue strategic cooperation projects, including global LP commitments and creation of joint funds, centered on the National Technology Development Program (NTDP) under MCIT. NTDP plans to expand its future budget for global LP commitments, and the discussions are expected to make cooperation with Korean VCs more concrete.
Korea Venture Investment Corporation also met with JADA, the fund-of-funds manager established with capital from the Saudi sovereign wealth funds Public Investment Fund (PIF), SVC, a subsidiary of the Saudi Small and Medium Enterprises Bank, and Riyadh Valley Company under the endowment of King Saud University, to discuss possible LP commitments to Korean VC funds and mid- to long-term cooperation. Through meetings with Humain, PIF's AI-focused investment arm, and Wa'ed Ventures, Aramco's venture capital unit, the parties also reviewed investment cooperation centered on AI and deep tech.
Leveraging this visit to Saudi Arabia, Korea Venture Investment Corporation plans to systematize a cooperation framework with the Saudi government and key policy and investment institutions and to gradually build a virtuous cycle in which Saudi capital leads to investments in Korean VC funds and domestic startups.
Lee Dae-hee, CEO of Korea Venture Investment Corporation, said, "This 'K-Global Star Meet up in Saudi' served as a venue for Korean VCs to establish a direct basis for cooperation with the Saudi government and key investment institutions," adding, "We will expand Korea-Saudi venture investment cooperation through continued collaboration with major Saudi institutions, including MCIT."