November 21, 2024

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Naver and National Housing Company executives pose for a photo during a memorandum of understanding signing ceremony, in Riyad, Saudi Arabia, on Nov. 11. (Naver)

Korean internet giant Naver said Monday that it has agreed to establish a joint venture with Saudi Arabia’s state-owned real estate development and investment company to operate and commercialize digital twin platforms in the 17th largest economy in the world.

Naver and National Housing Company signed the deal on the first day of Cityscape Global 2024 held in Riyadh, Saudi Arabia, on Nov. 11. The joint venture, under the umbrella of Naver Arabia, will serve as Naver’s first business entity in the Middle East for technological platform operations.

NHC serves as the investment arm of the Ministry of Municipal and Rural Affairs in Saudi Arabia. It handles about 70 percent of the country’s real estate transactions and is currently focusing on digital transformation, including real estate digitization and smart city development, as part of the Vision 2030 initiative.

Since its establishment in 2016, NHC has completed managing over 380 real estate development projects, including public housing supply. The value of its real estate portfolio is projected to exceed $60 billion by the end of next year.

Through the joint venture, Naver and NHC plan to expand beyond the digital twin platforms to encompass initiatives such as urban public monitoring platforms and map-based super apps for public administrative purposes, according to Naver officials.

“As Naver's global technological and business competitiveness is positively recognized by various ministries and institutions in Saudi Arabia, we aim to expand local business opportunities further,” said Chae Seon-ju, president of ESG and external policy at Naver.

By Jie Ye-eun (yeeun@heraldcorp.com)