Riyadh, Saudi Arabia / Seoul, South Korea - Naver has partnered with iot squared, a technology company funded by Saudi Arabia's Public Investment Fund (PIF), to focus on digital transformation in Saudi Arabia.
Why It Matters:
The partnership aims to develop a digital twin platform in Saudi Arabia to advance the country's technology infrastructure.
Digital twins, virtual representations of real-world entities, offer potential benefits in urban planning, infrastructure, and disaster management.
This initiative reflects a growing trend of international technology collaboration and the increasing importance of digital transformation in global urban development.
The Key Points:
- Established in April 2022, iot squared is a joint venture between PIF and Saudi Telecom Company (STC) to focus on Internet of Things (IoT) solutions across various sectors.
- Naver and the Saudi Ministry of Municipalities, Rural Affairs and Housing (MOMRAH) signed an agreement to develop digital twin platforms in five major Saudi cities: Riyadh, Medina, Jeddah, Dammam, and Makkah. This project, valued at over $100 million, is scheduled to begin in 2024 and will last five years.
- Naver will create virtual urban planning and monitoring models, and the company plans to establish a Saudi subsidiary and cloud regions.
- The partnership also includes integrating robotics and autonomous driving technologies into Saudi Arabia's smart city initiatives.
What They Say:
Naver's Chae Seon-ju stressed the importance of working with local partners.
"The open platform nature of the digital twin project is designed to foster synergies with local entities," she said. This approach underscores the company's commitment to adapting technology solutions to local needs and contexts.
What Comes Next:
Naver Cloud, Naver's cloud computing division, is leading the initiatives, drawing on the company's experience in digital twin technology.
The partnership between Naver and iot squared is expected to set new standards in smart city solutions and digital transformation.
Both companies are exploring innovative applications and integrations of digital twin technology that have the potential to impact Saudi Arabia's digital landscape significantly.