NAVER Cloud completed a joint venture agreement with Saudi Arabia’s National Housing Co. to develop digital twin platforms and mapping applications, as the Korean internet giant seeks to capitalize on the kingdom’s ambitious urbanization drive.
The new entity, NAVER Innovation, represents the first operational unit under NAVER’s Middle East headquarters and will be jointly funded by NAVER Cloud and NHC Innovation, the digital arm of the state-owned housing developer. The partnership centers on creating a map-based application for Saudi citizens covering housing and transportation services.
NHC, which handles 70% of Saudi real estate transactions, expects its property portfolio to surpass $60 billion by year-end as part of the Vision 2030 economic diversification program. The housing company has managed over 380 development projects since 2016, positioning itself as the Gulf region’s largest real estate developer.
NAVER, which generated ₩9.6 trillion ($6.9 billion) in revenue last year, previously secured a digital twin contract from Saudi’s housing ministry in 2023. The technology creates virtual city models for urban planning and infrastructure management.
The deal follows NAVER’s November memorandum of understanding signed at Riyadh’s Cityscape exhibition, where the company showcased its digital capabilities to Middle Eastern investors. However, the venture faces challenges adapting Korean-developed technologies to Saudi Arabia’s regulatory environment and cultural requirements.
The partnership aligns with Saudi Arabia’s Vision 2030 initiative, which emphasizes smart city development and digital infrastructure as economic diversification tools.
