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Naver Corporation has agreed to team up with Saudi Arabia for joint digital projects. The South Korean internet giant signed a memorandum of understanding (MOU) with the kingdom’s Ministry of Municipal and Affairs and Housing and Ministry of Investment on Thursday, March 30.
The signing ceremony was held in Riyadh, and it was attended by Minister Majed Al Hogail, the Ministry of Municipal and Rural Affairs and Housing of Saudi Arabia’s vice minister Musaed Alotaibi, Minister Khalid Al-Falih, and Ministry of Investment Saudi Arabia’s vice minister, Fahad Alnaeem. The delegation from Naver, who are in attendance, includes Naver Labs chief executive officer Seok Sang Ok, Naver Cloud executive director Han Sang Young, and Naver’s ESG and external policy president, Chae Seon Ju.
With the deal in place, Naver will help the Middle Eastern nation in its digital transformation. Moreover, it was mentioned that the partnership would increase Naver’s chance of participating in the country’s massive $500 billion smart city project called the NEOM.
According to Korea Joongang Daily, as part of the agreement, Naver will help Saudi Arabia with its digital transformation projects by providing robotics and digital twin technologies for the region’s city management. Naver will also provide assistance with the development of pertinent mobile applications for services and other functions.
"The technical prowess of Team NAVER is gaining recognition in the global market after years of sustained investment in cutting-edge technologies, and we will leverage our expertise and collaborate closely to support the Saudi government's national digital transformation initiative,” Chae Seon Ju stated in a press release.
He added, "Taking this case as a significant opportunity, where collaboration began in earnest following our participation in the ‘One Team Korea,’ we will further strengthen our efforts to pioneer the global market and stay committed to establishing NAVER as a leading global tech company.”
