South Korea and Saudi Arabia Plan Joint Fund for AI Startups, Target Year-End Launch

According to Jin10 on July 16, South Korea's Vice Minister for SMEs No Yong-seok and Saudi Arabia's Minister of Communications and IT Al-Swaha met in Seoul to discuss cooperation in artificial intelligence and digital innovation for startups and venture enterprises.

The two countries are preparing to establish a joint venture fund through South Korea's KVIC and Saudi Arabia's Public Investment Fund (Riyadh Valley Company) to invest in deep-tech sectors including AI and semiconductors. Al-Swaha expressed hope to finalize the fund establishment within the year.

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