WeMade signs MOU with Ministry of Investment Saudi Arabia

South Korea's game publisher WeMade Co. announced on Tuesday that it has signed a memorandum of understanding (MOU) with the Ministry of Investment of Saudi Arabia.

WeMade has agreed to actively cooperate with the growth of the Saudi gaming industry and expand its blockchain network. The ministry has agreed to support WeMade's local business activities in Saudi Arabia and share various investment opportunities.

WeMade, which operates the blockchain mainnet "WeMix 3.0," has been focusing on expanding its business in the Middle East and North Africa, such as establishing the blockchain corporation WeMix MENA Ltd. in Abu Dhabi, UAE, recently.

WeMade participated in the Korea-Saudi Investment Forum in November last year, where company officials met with Khalid al-Falih, Minister of Investment, and later signed a partnership agreement with Nine66, a subsidiary of Saudi Arabia's sovereign wealth fund Public Investment Fund's Savvy Games Group.

Ministry officials reportedly visited WeMade's headquarters on April 19 and met with Chang Hyun-Guk, CEO of WeMade. Jang stated that "the Middle East and North Africa (MENA), including Saudi Arabia, are important regions for the expansion of the WeMix 3.0 ecosystem," and that his company plans to collaborate more closely with local projects and companies through this agreement.

Write to Ju-Hyun Lee at deep@hankyung.com