NAVER Partners with Saudi NHC for Digital Twin Joint Venture

Riyadh, Saudi Arabia - South Korean tech giant NAVER has signed a memorandum of understanding (MOU) with Saudi Arabia's National Housing Company (NHC) to establish a joint venture focused on digital transformation initiatives in the kingdom's real estate sector.

The agreement, signed at Cityscape 2024 in Riyadh, will see the formation of a new company under NAVER Arabia, the Korean firm's regional headquarters, to operate digital twin platforms and related technologies in Saudi Arabia.

NHC, a state-owned enterprise under the Ministry of Municipal and Housing Affairs, handles 70% of Saudi Arabia's real estate transactions. 

Since its establishment in 2016, the company has completed or initiated over 380 real estate development projects, and its property portfolio is expected to exceed $60 billion by the end of 2025.

The joint venture will develop urban public monitoring platforms and map-based super apps for public administration purposes, as well as digital twin platform operations.

NAVER's External Relations and ESG Policy Representative Chae Seon-ju said the company plans to expand business opportunities with various partners in Saudi Arabia, citing positive feedback from local government departments regarding NAVER's global technological capabilities.

The deal was signed during Cityscape 2024, held in Riyadh from November 11-14. 

During this event, NAVER showcased its technologies and explored additional business opportunities.