Naver Cloud, Saudi Arabia's NHC launch first strategic joint venture

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Naver Cloud, Saudi Arabia's NHC launch first strategic joint venture

Published: 28 May. 2025, 14:07 Updated: 28 May. 2025, 15:13

SHIN MIN-HEE
[email protected]

Audio report: written by reporters, read by AI

Naver Cloud has signed a contract with Saudi Arabia’s National Housing Company (NHC) to officially launch its first strategic joint venture in the Middle East. Clockwise from left in the back is Chae Seon-ju, president of Naver's ESG and External Policy division; Saudi Arabian Minister of Municipalities and Housing Majed Al-Hogail; Ryan Al-Aql, CEO of NHC Innovation and Han Sang-young, head of Naver's Global DX & Innovation division. [NAVER]

Naver Cloud has signed a contract with Saudi Arabia’s National Housing Company (NHC) to officially launch its first strategic joint venture in the Middle East, the company said Wednesday.

Titled “Naver Innovation,” it is the Korean internet giant's first business entity under the company’s regional headquarters, Naver Arabia.

Naver Cloud and NHC’s digital subsidiary, NHC Innovation, are set to jointly invest in Naver Innovation.

The venture’s main goal is to establish and operate a super-app that provides a map service for Saudi Arabian residents and tourists, which will later be developed into a digital twin platform for major cities within the country.

The digital twin platform will offer urban planning information on flood forecasting, traffic flow analysis and population distribution analysis.

With this venture, Naver said it hopes to help Saudi Arabia become a data-driven, sustainable smart city that improves the general quality of life as well as expand its business in the Middle East.

“This joint venture establishment represents Saudi Arabia’s willpower to implement globally renowned technology as well as localizing solutions that have taken the community’s needs into consideration,” said Ryan Al-Aql, CEO of NHC Innovation.

Meanwhile, Naver Cloud and NHC signed a memorandum of understanding on the joint venture during the real estate exhibition Cityscape Global last November. The contract for the digital twin platform project was secured in October 2023 and development for major cities is underway.

BY SHIN MIN-HEE [[email protected]]