A Memorandum of Understanding (MOU) was recently signed by the Ministry of Investment in Saudi Arabia (MISA) and Wemade, the South Korean game creator behind the blockchain gaming platform Wemix.
The deal will make it easier for the betting and blockchain businesses in the kingdom to grow and spread. As part of Saudi Arabia’s plan to broaden its economy by 2030, MISA works with foreign companies to help them invest and grow in the country.
During the Saudi-Korea Investment Forum in November 2022, Wemade’s talks with Saudi Arabia’s Investment Minister Khalid A. Al-Falih and other officials made them interested in the company. In the end, this led to a relationship with Savvy Games Group’s company Nine66 and the signing of an MOU with MISA.
The focus of the relationship will be on things like training programs, teaching material, localizing video games, and sponsoring events in the area. Wemade also opened offices in Abu Dhabi, UAE, earlier this year in order to work closely with local businesses and projects.
A MISA official said, “We are very happy with Wemade’s progress in expanding its operations in Saudi Arabia, and we look forward to continuing to help Wemade’s footprint by connecting it with strategic partners in the sector.” According to the National Gaming and Esports Strategy, this would be another step toward the goal of making the country a hub for gaming and esports.
