RIYADH: Fund of Funds Company, known as Jada and owned by Saudi Arabia’s Public Investment Fund, has signed a memorandum of understanding with Invest Seoul Agency to promote startups and SMEs in both countries.

In a statement posted on Jada’s website, the MoU signed between the two parties seeks to exchange information on entrepreneurial policies and best practices and support startups aspiring to enter the Saudi or Korean markets. 

Invest Seoul Agency is a foreign investment promotion agency established by the Seoul Metropolitan Government.

Mazin Al-Shanbari, director of venture capital, Jada, said the MoU will “contribute to developing the business ecosystem for startups” and support the entry of SMEs “that aim to conduct business in the other country.

As per the MoU, the PIF’s Jada and the Korean agency will facilitate exchange of personnel and organize events such as roadshows, conferences and exhibitions to help entrepreneurs from both sides explore opportunities and help them start business.