Youngest Performer: Galaxy Corporation's CEO “Choi Yong-ho” signs MOU with Saudi Investment Ministry during President Yoon's economic mission
Waleed Alobidiy, CEO of METAMIND, Badr Albadr, Vice Minister of Saudi Investment, and Choi Yong-ho, CEO of Galaxy Corporation, signed an MOU at the Korea-Saudi Investment Forum held at the Riyadh Fairmont Hotel in Saudi Arabia on the 22nd. Galaxy Corporation, an AI metaverse company, participated as an economic delegation during Republic of South Korea's President Yoon Suk Yeol's state visit to Saudi Arabia and Qatar, which lasted for four nights and six days until the 26th. Galaxy Corporation signed an MOU at the Korea-Saudi Investment Forum on the 22nd (local time). The forum was organized by The Federation of Korean Industries(FKI) and the Saudi Investment Ministry. The MOU was signed by the Saudi Ministry of Investment and Galaxy Corporation with the aim of entering and expanding the sports business market in the MENA (Middle East and North Africa) region, with a particular focus on Saudi Arabia. Galaxy Corporation, South Korea's first AI metaverse company founded on a global super IP, has recently gained attention as the producer of Netflix's survival entertainment 'Physical: 100'. Prior to this, Galaxy Corporation produced 'Bookae Contest' on Mnet in 2020, 'The Era of Bookae' on TV Chosun in 2021, and 'AVA DREAM' in 2022. Galaxy Corporation has established a close relationship with Saudi Arabia. Now, the spotlight is on whether Galaxy Corporation will venture into the entertainment and sports industries, leveraging the success of Netflix's 'Physical 100'. Choi Yong-ho, the CEO of Galaxy Corporation, accompanied South Korea’s President Yoon on his state visit to Saudi Arabia and Qatar. The economic mission included most of the heads of major Korean conglomerates, such as Samsung Electronics Chairman Lee Jae-yong, Hyundai Motor Group Chairman Chung Eui-sun, Hanwha Vice Chairman Kim Dong-kwan, GS Chairman Huh Tae-soo, and HD Hyundai President Chung Ki-sun. Notably, Choi Yong-ho, born in 1989, drew attention as the youngest member of the delegation. Galaxy Corporation is the only entertainment company represented, apart from CJ ENM. Following 'COMEUP 2022' held in Seoul in November last year, Galaxy Corporation continued its exchanges with Saudi Arabia's Minister of Investment, Khalid al-Falih, and Minister of SMEs and Startups, Lee Young. During this event, they were among the first to visit. Later, in March at 'Bivan 2023' in Riyadh, Saudi Arabia, Galaxy Corporation signed a memorandum of understanding (MOU) with the Saudi Arabian Ministry of Investment to collaborate on entering the Middle East business. Further achievements can be expected as a result of the MOU signing ceremony, which was attended by approximately 50 government officials and businessmen from both countries and took place on the morning of the 22nd (local time). Jang Ho-Gi, the producer of 'Physical: 100,' who recently joined Galaxy Corporation, stated at the "BCWWW (Broadcast World Wide) 2023" event held in August, 'The vision is to create the series in different countries, starting in Korea, and develop it into an international sports event, similar to the Olympics, in the future.' It is expected that 'Physical: 100' will serve as a link and an investment bridge between Galaxy Corporation and the Saudi Arabian sports industry. Saudi Arabia continues to invest vast sums of money in the sports sector. In June, the U.S. PGA Tour and Saudi Arabia LIV Golf merged with approximately $3 billion. Additionally, Saudi Arabia has expressed its intention to host the FIFA World Cup for the second consecutive year, with plans to host the 2035 FIFA Women's World Cup just one year after the 2034 FIFA World Cup. Through 'Physical 100', Galaxy Corporation has showcased its technological prowess in broadcasting production, management, and the entertainment industry. This could potentially open doors for the company to enter other Middle East regions, particularly Saudi Arabia and Qatar, both of which have shown significant interest in the sports business. An entertainment industry source mentioned, 'Galaxy Corporation has already signed an MOU with Saudi Arabia in March, so it should be able to deliver concrete results during this state visit. If we establish business infrastructure in the Middle East, including Saudi Arabia, including core capabilities and technologies such as metaverse, artificial intelligence (AI), and virtual reality, significant growth could be achieved.’ 김진우 기자 (kim.jinwoo.ja@gmail.com)corporations investment saudi investment galaxy corporation saudi ministry
