South Korean envoy ‘thrilled’ over blossoming cultural ties with Saudi Arabia

Crown Prince Mohammed bin Salman shakes hands with South Korean President Moon Jae-in during his visit to South Korea. (SPA/File)
Updated 19 July 2019

South Korean envoy ‘thrilled’ over blossoming cultural ties with Saudi Arabia

  • The two nations wish to work on ‘enhancing cultural and popular exhanges and build bases for cooperation’

RIYADH: South Korea’s ambassador to Saudi Arabia has spoken of his “thrill and excitement” over the “marvelous fruition” of cultural ties between the two countries.

Envoy Jo Byung-wook, recently seen on TV enthusiastically dancing and waving a light rod during a K-pop music concert in Jeddah, told Arab News that his country was looking forward to further enhancing Saudi-South Korean mutual understanding and connection of minds.

Relations have continued to blossom following Crown Prince Mohammed bin Salman’s visit to the east Asian nation last month — the most senior Saudi to tour South Korea since the late King Abdullah in 1998.

In the first bilateral summit between the two countries, the crown prince met with South Korean President Moon Jae-in at the presidential Blue House, and as well as discussing economic and investment prospects the leaders pledged to become “reliable friends for the future,” promising opportunities for cultural exchange.

Jo said that culturally, both countries had plenty to offer. “Korea has various cultural assets to attract Saudi people; pop music, drama, traditional dance, fashion, beauty, food, and even architecture, paintings, and interior design.”

He also highlighted which aspects of Saudi culture he would like to share with his own people. “In 2017 the exhibition ‘Roads of Arabia’ was held in Seoul for about three months, showing Saudi culture and history with its archaeological artifacts, which attracted and fascinated more than 120,000 Koreans. I think this is a good example of what the Kingdom can introduce to Korea.

“Saudi Arabia has beautiful Arabic calligraphy, especially that of the Holy Qur’an, which I believe could fascinate Koreans, since we also have our own way of calligraphy. And Saudi traditional cuisine is very unique and healthy, so I always wanted to introduce it to Korean people,” said Jo.

According to the communique which followed the crown prince and South Korean president’s meeting, the two nations also wished to work on “enhancing cultural and popular exchanges and build bases for cooperation that would continue affecting the coming generations.” To that end, memorandums of understanding were signed in the fields of culture, tourism, sport, social protection, human resources management and civil service.

Academic scholarships

The official communication also stated that South Korea and Saudi Arabia had agreed to expand academic scholarships, exchange programs, educational opportunities, student visits, the translation of distinguished scientific and arts materials and their publication in scientific journals.

Jo added that the Korean Embassy was planning to host several events that would help promote cultural exchange.

Korea is keen to help the Kingdom achieve the goals of Vision 2030, and Korea will actively participate in cultural activities in the Kingdom so that we may contribute to achieving the ‘vibrant society’ goal of Vision 2030.

Ambassador Jo Byung-wook

“The embassy has started a new cultural journey since last year, because my assignment coincided with the period of transformation the Kingdom is undergoing with the launch of Vision 2030,” he said.

During 2018, the embassy held several events including the Korea-Arab Friendship Caravan showcasing traditional and modern Korean music and dance, an exhibit at the Riyadh National Museum — on loan from the Korean National Museum -— displaying more than 500 archaeological artifacts, and the screening of the first Korean movie at the Indian Embassy.

This year officials have planned even more events, such as the 4th Korean Ambassador’s Cup Taekwondo tournament, the 1st Korean Film festival, which will screen several Korean movies, the 2nd Ambassador’s Cup Korean Speech Contest, a reception for Korean National Day, and a workshop by Korean handicraft experts.

“Korea is keen to help the Kingdom achieve the goals of Vision 2030, and Korea will actively participate in cultural activities in the Kingdom so that we may contribute to achieving the ‘vibrant society’ goal of Vision 2030,” said the envoy.

He also commented on the popularity of K-pop, or South Korean popular music, which has recently been sweeping the nation.  K-pop boy band Super Junior recently took to the stage during the Jeddah Season festival as part of their world tour, becoming the first Korean group to perform in the Kingdom.

Jo said: “These concerts will help promote cultural cooperation and increase mutual goodwill between Korea and Saudi Arabia, because culture plays an important role in enhancing mutual understanding and connecting people’s minds.”

The ambassador was famously seen on a televised broadcast getting into his groove at the show. “During the concert, I was so thrilled and excited, and could feel the enormous change that Saudi Arabia is going through, which I believe is a beginning of a marvelous fruition. I can say that I saw a whole new Saudi Arabia that night,” he added.

Jo expected more K-pop groups to appear in the Kingdom, including BTS who are due to perform in the Saudi capital in October as part of Riyadh Season.

Saudi investors share expertise on Saudi corporate VC opportunities

Updated 27 November 2020

Saudi investors share expertise on Saudi corporate VC opportunities

JEDDAH: The two-day Step Saudi 2020 event featured two prominent Saudi figures in the field of investment on the second day.
Hashim Al-Awadi, CEO of Tech Invest, and Salman Jaffery, chief investment officer at Saudi Aramco Entrepreneurship Ventures, both shared their expertise, with the latter saying it is more beneficial for corporations to start a venture capital (VC) arm than invest from their current mergers and acquisitions arm (M&A).
Managing partner at Class 5 Global, Zach Finkelstein, who moderated the session on the second day of the event, said the San Francisco-based venture fund invested in a number of companies in the Middle East.
“The Middle East is particularly interesting to us, and in the past, our partners have invested in such regional companies as Careem. We’re excited to explore the development of the corporate VC space and how it can impact places like Saudi Arabia,” he added.
When asked why a corporation should start a VC arm instead of investing from an M&A team, and why have a separate corporate Venture Capital arm in the first place, Jaffery answered that “it brings faster results.”
“I think the easiest answer to that is just speed and agility,” he said. “Getting that response quickly to the market. VC deals can take weeks or months whereas an M&A transaction can take up to a year or longer, and also similarly, if you’re trying to then come out of it, it’s harder to come out of a joint venture agreement or an M&A as opposed to a VC.”
Al-Awadi explained his opinion a traditional VC perspective, and said: “We like the fact that corporations can invest from both their M&A arms and their VC arms if they have them.”
He highlighted that VC arms can invest in a greater variety of companies. “You have the intelligence, you know the market and if you’re looking at specific technology where we don’t have a lot of expertise we trust that you (other venture capitalists) know the market and you can evaluate that technology better to see if it has the capability and potential for growth or not.
“Eventually, you do have an M&A arm that will provide an exit for us, for an incentive for this company to work hard to grasp the intention after having been invested in by the VC arm of this big corporate to maybe look into making a partial agreement or complete acquisition, which really adds an incentive for the company to grow and attracts other investors and also attracts talent to join the company and help it grow even more.”
He said both the VC and M&A arm are important for company growth. “We tend to look at corporate investors through both arms as complementary to what we do when we have both of them around.”
The Kingdom has obtained a high reputation among investors internationally through the years, especially after the economic and social reforms of Saudi Vision 2030.
Step Saudi is home to the Kingdom’s best entrepreneurs, investors, creatives and digital enthusiasts. The last edition of Step Saudi featured four content tracks, more than 100 startups and over 1,500 attendees.