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South Korea, Saudi Arabia form USD155m fund for startups

South Korea and Saudi Arabia are establishing a joint fund worth KRW208.4bn (USD155m) to assist Korean startups in attracting investments and expanding into the Middle Eastern market. Saudi Arabia is set to contribute KRW195.4bn, while the Korea Venture Investment Corp. will provide the remaining KRW13bn. Saudi Venture Capital Co. and Public Investment Fund (PIF) Jada from Saudi Arabia will invest in the fund. The two countries plan to invest at least USD100bn in Korean companies. This move is part of the South Korea-Saudi Arabia investment cooperation and startup support agreement, signed by President Yoon Suk Yeol and Saudi Crown Prince and Prime Minister Mohammed bin Salman in November last year.

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