Wemade, the South Korean game developer behind the global blockchain gaming platform WEMIX PLAY, announced today the signing of a Memorandum of Understanding (MoU) with the Ministry of Investment in Saudi Arabia (MISA). The agreement will focus on the development and growth of the gaming and blockchain sector in Saudi Arabia.
MISA partners with international companies to streamline investment and expansion initiatives in Saudi Arabia. As part of the 2030 Vision that focuses on diversifying the country’s energy-based economy, the ministry aims to facilitate business opportunities for foreign entities in the country through arrays of services and network to leading actors in the local ecosystem.
Wemade participated in the Saudi-Korea Investment Forum in November 2022, where meetings were held with Saudi Arabia’s Investment Minister Khalid A. Al-Falih and other Saudi officials. Following Minister Al-Falih’s visit, Saudi Arabia’s interest in Wemade increased, leading to a partnership with Savvy Games Group’s Nine66 entity and official meetings held during the LEAP tech conference. Wemade and Nine66 are exploring together various programs aimed at training, educational content, localization of games and sponsorship of regional events, among others.
“The MOU and partnership with MISA mark a significant milestone for Wemade’s expansion plans in Saudi Arabia,” said Henry Chang, CEO of Wemade. “And demonstrate our sustained ambition to collaborate with leading strategic partners throughout the Middle East and North Africa (MENA) region.”
In January, Wemade established local offices in Abu Dhabi in the United Arab Emirates with plans to collaborate closely with local projects and companies. Through this comprehensive partnership, Wemade and MISA will work together to 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 “We are very 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.”