Naver announced on the 18th plans to establish a joint venture with NHC (National Housing Company), a state-run entity under Saudi Arabia‘s Ministry of Municipal and Rural Affairs and Housing. 

The two companies signed a memorandum of understanding (MOU) to form the joint venture during Cityscape 2024, held in Riyadh, Saudi Arabia, from September 11 to 14. The signing was attended by key representatives, including Chae Seon-joo, Naver’s Head of External Affairs and ESG Policy; Kim Yu-won, CEO of Naver Cloud; Majed Alhogail, Saudi Minister of Municipal and Rural Affairs and Housing; and Ryan Al-Aql, Chief Strategy Officer of NHC.

The joint venture, operating under Naver Arabia, will focus on developing and commercializing a digital twin platform in Saudi Arabia as its core business. This marks Team Naver’s first initiative to establish a technology platform business in the Middle East.

NHC, Naver’s key partner in Saudi Arabia, handles 70% of the country’s real estate transactions. As part of the Vision 2030 initiative, NHC is driving digital transformation in the real estate sector, including innovations in smart city development. Since its establishment in 2016, the company has completed or initiated more than 380 real estate projects, including public housing developments. By the end of 2025, the value of its real estate portfolio is projected to exceed $60 billion (approximately KRW 80 trillion). In 2024, NHC was recognized by ‘Construction Week Middle East’ as the largest real estate development company in the Gulf Cooperation Council (GCC).

In addition to the digital twin platform, the joint venture will explore developing an urban public monitoring platform and a map-based super app for public administration in Saudi Arabia.

Chae Seon-joo, Naver’s Head of External Affairs and ESG Policy, commented, “As Naver’s global technology and business capabilities gain recognition in Saudi Arabia, we look forward to collaborating with various partners to expand our presence and opportunities in the region.”