Riyadh, Saudi Arabia— Saudi Arabia has signed a memorandum of understanding (MoU) with Wemade, a South Korean firm, to boost its presence in the gaming sector.
The agreement between the Saudi ministry of investment and Wemade will enable the South Korean firm to widen its footprint in the kingdom. Wemade is the developer behind the global blockchain gaming platform WEMIX PLAY.
In April, Savvy Games, owned by the Public Investment Fund, signed an agreement to acquire US-based gaming company Scopely for $4.9 billion.
Saudi Arabia’s ongoing campaign to partner with international companies to streamline investment and expansion initiatives is a component of its plan to diversify its energy-based economy under Vision 2030.
The ministry said in a statement: “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.”
Henry Chang, CEO of Wemade, said: “The MoU and partnership with MISA mark a significant milestone for Wemade’s expansion plans in Saudi Arabia.”
He remarked that it shows their sustained ambition to partner with leading strategic partners throughout the Middle East and North Africa region.
A few months back, the company established its offices in Abu Dhabi with plans to collaborate with local projects and companies.
The partnership with Saudi Arabia comes in the backdrop of Wemade’s participation at the Saudi-Korea Investment Forum in November 2022, where it held meetings with Saudi Arabia’s Investment Minister Khalid Al-Falih and other Saudi officials.
This resulted in a collaboration between Wemade and Savvy Games Group’s Nine66 in February for exploring various programs aimed at training, educational content, localization of games and sponsorship of regional events.
