South Korea’s tech giant NAVER and Saudi Arabia’s National Housing Company (NHC) are joining forces to reshape the Middle East’s real estate landscape. This strategic partnership, announced at Cityscape Global 2024 in Riyadh, will see the creation of a joint venture (JV) that promises to accelerate Saudi Arabia’s ambitious digital transformation goals, a key component of its Vision 2030 plan.
The JV, operating under the umbrella of NAVER Arabia (tentative name), will serve as NAVER’s primary business unit in the region. Its core function will be the operation and commercialization of NAVER’s cutting-edge digital twin platform within Saudi Arabia. This technology offers a virtual replica of physical assets, enabling efficient urban planning, infrastructure management, and real estate development. The collaboration extends beyond the digital twin; plans are underway to develop a comprehensive, map-enabled super app for public administration, streamlining government services for citizens.
This partnership underscores the significant role NHC plays in Saudi Arabia’s economy. As the largest real estate developer in the Middle East, responsible for a staggering 70% of all real estate transactions in the country, NHC’s commitment to digital innovation is crucial for the success of Vision 2030. The company, established in 2016, manages over 380 real estate development projects and boasts a real estate portfolio projected to exceed $60 billion USD by the end of 2025.
The MOU signing ceremony was attended by high-profile figures from both organizations, including Chae Seon-ju, President of ESG and External Affairs at NAVER; Kim Yuwon, CEO of NAVER Cloud; Majed Al-Hogail, Saudi Arabian Minister of Municipalities and Housing; and Ryan Al-Aql, CSO of NHC. The presence of these key players highlights the significance of this collaboration and the mutual commitment to its success.
NAVER’s involvement brings considerable technological expertise to the partnership. The company, founded in 1999, is Korea’s leading internet company, operating the country’s top search engine, NAVER, alongside a diverse portfolio of global online services, including LINE messenger, Webtoon, and the ZEPETO metaverse platform. Its robust research and development efforts, representing approximately 25% of annual sales, ensures NAVER remains at the forefront of technological innovation in areas such as AI, robotics, and autonomous driving.
This joint venture represents a significant step forward for both NAVER and NHC. It leverages NAVER’s advanced technological capabilities to support NHC’s ambitious development plans, contributing significantly to the modernization and efficiency of Saudi Arabia’s real estate sector and broader public administration. The resulting impact promises to be transformative, setting a new standard for digital innovation in the Middle East and beyond.
