Naver completes deal to set up joint venture in Saudi Arabia
South Korean tech giant Naver Corp. said Wednesday it has completed a joint venture agreement with Saudi Arabia's National Housing Company to develop a digital twin platform in the Middle Eastern country.
The newly established entity, Naver Innovation, is backed by joint investment from Naver Cloud and NHC's subsidiary, NHC Innovation, according to the company.
It will be Naver's first business operation under Naver Arabia, its dedicated base for Middle East operations.
Naver Innovation will lead Naver's digital twin platform projects in Saudi Arabia and other smart city initiatives, including the development of a mapping application for public transportation.
Digital twin platforms, which provide virtual representations of a real world entity or space, can be used as foundation models in creating smart cities and public digital services, including urban planning, monitoring and predicting natural disasters.
In 2023, Naver secured a contract with the Saudi government to develop digital twin platforms for Riyadh and four additional cities. (Yonhap)
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