Chae Seon-ju (3rd from L), president of ESG and external affairs at Naver, and Kim Yu-won (L), CEO of Naver Cloud Corp., pose for a photo after signing a memorandum of understanding with Saudi Arabia’s National Housing Company to create a joint venture in the Middle East, in this photo provided by the Korean company on Nov. 18, 2024. (Image courtesy of Yonhap)
SEOUL, Nov. 18 (Korea Bizwire) — South Korean tech giant Naver Corp. said Monday it will establish a joint venture with Saudi Arabia’s state housing company to collaborate for digital twin platform projects in the Middle East.
Naver and Saudi Arabia’s National Housing Company signed a memorandum of understanding for the establishment of the joint venture during Cityscape Global 2024, a Middle Eastern real estate convention, held in Riyadh last week, according to the Korean company.
Digital twin platforms, which provide virtual representations of a real world entity or space, can be used as foundation models in creating smart cities and public digital services, including urban planning, monitoring and predicting natural disasters.
The envisioned joint venture will be in charge of Naver’s digital twin platform business and other projects, such as developing a city monitoring platform and map application for public administration, in the Middle East.
Last year, the operator of South Korea’s largest internet portal won a deal with the Saudi Arabian government to create a digital twin platform for Riyadh and four other Saudi cities.
(Yonhap)
