SEOUL, November 18 (AJP) - Korean tech firm Naver signed a memorandum of understanding (MOU) with Saudi Arabia's National Housing Company (NHC) to establish a joint venture, the company said on Monday.
The agreement, signed during the Cityscape Global 2024 event in Riyadh, will focus on operating digital twin platforms within Saudi Arabia.
The National Housing Company (NHC), which handles 70 percent of Saudi Arabia's real estate transactions, will partner with Naver to advance the kingdom's digital transformation in property development. The kingdom, with its ambitious Vision 2030 initiative, has been actively embracing technological advancements to diversify its economy and enhance its urban landscape.
"Given the positive response from various Saudi ministries and institutions regarding Naver's global technological capabilities, we will continue to expand our business opportunities in the region," said Chae Seon-ju, Naver's executive director and ESG manager.
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