As Saudi’s strategic Vision 2030 unfolds, the Ministry of Investment of Saudi Arabia(MISA) has been actively promoting the investment environment of the kingdom on the global stage. Led by Deputy Minister Fahad Al-Naeem, the MISA delegation recently met with South Korean entertainment giant SM Entertainment and renowned producer Lee Soo-man in Seoul to sign an MOU. The partnership aims to develop new cultural industries in Saudi Arabia, spanning music production, talent incubation, IP development and more. This proactive move echoes Saudi’s emphasis on economic diversification, and MISA’s role in creating a vibrant investment landscape beyond the energy sector.
MISA and SM Entertainment sign MOU in cultural industry collaboration
During the MOU signing ceremony at SM Entertainment’s office in Seoul in August 2022, Deputy Minister Al-Naeem met with SM’s co-representatives Lee Sung-soo and Han Kyong-jin to ink the landmark deal. With MISA’s support, SM will produce S-pop music tailored for the Saudi market, discover and train local talents, build a metaverse platform to share Saudi culture globally, and explore possibilities like concerts, IP merchandise, etc. SM founder Lee Soo-man also visited Riyadh earlier in March 2022 to exchange ideas with Saudi’s Ministry of Culture, showcasing significant interests from both sides to drive the partnership forward.
MISA takes multi-prong approach to attract foreign investors
Apart from frontier industries like entertainment, MISA also targets other economic engines for growth opportunities. Recently, a MISA delegation visited financial hub Riyadh to court investments, meeting key institutions like the sovereign Public Investment Fund, Al Rajhi Bank and more. MISA updated Saudi’s latest industrialization progress and new economy landscape to pique investor interests. Financial service expert Tianfeng International, recommended by MISA to visit, also proposed ideas to strengthen China-Saudi supply chain partnerships across infrastructure, capacity building and finance, winning praises from the Saudi side.
Vision 2030 diversification goal unlocks doors for foreign investors
As the G20’s only Arab member, Saudi holds strategic partnerships with China and beyond via Belt and Road initiatives and other channels. With Vision 2030 pushing economic diversification away from oil, analysts expect rising China-Saudi collaboration in trade, manufacturing, finance and infrastructure. As Saudi’s global investment promoter, MISA is positioned to unlock these opportunities for foreign investors through forums and policy incentives. Its recent efforts have sparked dialogues with both state-backed and private foreign entities.
In showcasing Saudi’s economic potential beyond oil, MISA plays a key role in elevating the kingdom’s investment landscape. Its recent milestones like partnering SM Entertainment signals strong momentum in strategic sectors looking to take off. As Vision 2030 continues to transform Saudi’s economy, MISA’s investment promotion endeavors worldwide will be key to bringing global capital and best practices to the table.