South Korean game developer Wemade has signed a Memorandum of Understanding (MoU) with the Ministry of Investment in Saudi Arabia (MISA) to boost the growth of the gaming and blockchain sector in the country.
The partnership is part of Saudi Arabia’s 2030 Vision to diversify its economy beyond oil, and the Ministry aims to facilitate business opportunities for foreign entities in the country through an array of services and networks.
Wemade’s participation in the Saudi-Korea Investment Forum last November, meetings with Investment Minister Khalid A. Al-Falih and other Saudi officials, and the interest generated by Wemade led to the partnership with Savvy Games Group’s Nine66 entity.
The two companies will explore various programs aimed at training, educational content, localization of games, and sponsorship of regional events.
The CEO of Wemade, Henry Chang, expressed his excitement about the MOU and partnership with MISA, saying that it marks a significant milestone for Wemade’s expansion plans in Saudi Arabia.
He also demonstrated his sustained ambition to collaborate with leading strategic partners throughout the Middle East and North Africa (MENA) region.
Wemade has established local offices in Abu Dhabi in the United Arab Emirates with plans to collaborate closely with local projects and companies.
The comprehensive partnership with MISA will accelerate the gaming industry in Saudi Arabia and support the Kingdom’s ambition to become a global gaming hub by 2030.
A representative from MISA commented that they are excited for Wemade’s progress in expanding its activities in Saudi Arabia and looking forward to continue supporting Wemade’s footprint through connecting it to strategic partners in the sector.
This progress would be yet another step further into realizing the national objective of becoming a hub for gaming and esports in line with the National Gaming and Esports Strategy, the representative added.