Naver Chairman Lee Hae-jin traveled to Riyadh this week to explore stablecoin and artificial intelligence projects with Saudi Arabia’s housing minister, expanding a technology partnership that began with urban planning tools.
Lee met with Minister Majed Al-Hogail at the Cityscape Global Expo on Nov. 18, according to Saudi Arabia’s state news agency SPA. The discussions centered on digital finance applications and AI data centers, marking a shift from Naver’s existing work building 3D city models for the kingdom.
The timing aligns with Naver Financial’s pending acquisition of Dunamu, operator of South Korea’s largest cryptocurrency exchange Upbit, through a stock swap valuing Dunamu at roughly 15 trillion won ($10.6 billion). That deal would give Naver access to blockchain technology for won-backed stablecoin projects.
Saudi Arabia has signaled interest in regulated stablecoins under its Vision 2030 plan, though the kingdom’s cryptocurrency framework remains under development. The central bank and capital markets authority are still defining rules for digital asset issuance.
Naver secured a $100 million contract in 2023 to build digital twins of five Saudi cities using spatial technology, completing work on Mecca, Medina and Jeddah earlier this year. The company has positioned itself as a technology partner for the kingdom’s smart city ambitions, though commercial returns from these infrastructure projects remain unclear.
