Latest news with #NaverCloud
Korea Herald
5 days ago
- Business
- Korea Herald
Naver hits all-time high quarterly sales as profits climb 10%
Naver CEO Choi Soo-yeon on Friday expressed strong confidence in the company's artificial intelligence capabilities, vowing to play a pivotal role in shaping Korea's AI ecosystem through its cloud service subsidiary's full-stack competencies. Speaking during a conference call following Naver's second-quarter earnings release, Choi highlighted the strength of Naver Cloud in building and operating data centers, developing large language models and managing advanced graphics processing unit infrastructure. 'We see sovereign AI as a tremendous opportunity. Years of investment in AI technology are now laying the foundation for long-term growth,' Choi said. 'We are already witnessing tangible results, such as being selected as the service provider for GPU rental to support the World Best LLM Challenge in July and being chosen to lead the development of Korea's national LLM.' The CEO further emphasized that the IT giant is actively expanding its sovereign AI business globally. 'Leveraging our domestic experience in technology and service operations, we aim to meet the AI sovereignty needs of overseas governments and institutions,' she said. 'With the reliability and stability that only Naver can provide, we plan to broaden our global footprint.' While reiterating Naver's technological independence, Choi also expressed openness to collaboration. 'We remain open to cooperating in initiatives like the national LLM project, where a healthy ecosystem is essential,' she said. Earlier in the day, Naver reported its second-quarter earnings, posting an operating profit of 521.6 billion won ($376.6 million) and sales of 2.92 trillion won — a record high for a single quarter. Operating profit rose 10.3 percent on-year, while sales increased by 11.7 percent. Net profit stood at 497.4 billion won. Market intelligence firm FnGuide had forecast operating profit of 528.1 billion won and revenue of 2.9 trillion won. Naver attributed its robust performance to steady growth across its key business segments. By segment, revenue totaled 1.04 trillion won from its search platform, 861.1 billion won from commerce, 411.7 billion won from fintech, 474 billion won from content and 131.7 billion won from enterprise. Choi stressed the company's long-term vision, 'Naver will continue strengthening its platform competitiveness and business capabilities through AI, while also securing new business references to support sustainable global growth.'
Korea Herald
04-08-2025
- Business
- Korea Herald
LG, SKT, Naver among five selected for Korea's sovereign AI push
The Ministry of Science and ICT on Monday announced the final selection of five teams to lead South Korea's ambitious 'sovereign AI foundation model' project, aimed at building homegrown, high-performance artificial intelligence models. The selected teams are Naver Cloud, Upstage, SK Telecom, NC AI and LG AI Research. Each will be granted the titles of 'K-AI model' and 'K-AI company,' the ministry said. The final selection followed an evaluation process that assessed each consortium's technological capabilities, development experience, strategic clarity and the anticipated impact of their proposed models. The review also considered their commitment to open-source principles and broader industry contribution. 'All five teams have demonstrated exceptional capabilities in AI model development,' an ICT ministry official said. 'They share a clear commitment to the vision of sovereign AI and presented robust open-source strategies that will allow other businesses to adopt and commercialize their technologies.' Notably, the ministry commended the teams' ambitions to go beyond large language models and evolve into multimodal and omnimodel architectures, reflecting a bold, scalable vision aligned with global AI advancements. The sovereign AI project attracted proposals from 15 consortia, comprising domestic AI firms and research institutions. The initiative aims to develop AI models that achieve at least 95 percent of the performance of the most advanced international models released within the last six months. To support the development, the government will provide each selected team with access to jointly purchased and processed datasets worth 10 billion won ($7.2 million), beginning in September. Additionally, each team will receive 2.8 billion won in supplementary funding to build and refine domain-specific datasets tailored to their development goals. A separate pool of high-quality broadcasting and video learning data, valued at 20 billion won, will also be available. Upstage, which has expressed interest in bolstering its global talent pool, will receive matching support from the government to cover personnel and research expenses for international researchers it seeks to recruit. SK Telecom and Naver Cloud have been selected as graphics processing unit infrastructure providers for the project. They will lease GPU resources from the second half of this year through early 2026, with GPU support allocated to Upstage, NC AI and LG AI Research. The ministry plans to sign formal agreements with the five groups early this month and to begin comprehensive support ― ranging from GPU and data access to global talent acquisition ― to fast-track the development of globally competitive AI foundation models. A first-round evaluation will be conducted in December, narrowing the pool from five teams to four. Successive assessments will be conducted every six months, with only two left remaining by 2027. 'The bold initiative marks the beginning of Korea's journey toward building AI for all,' said ICT Minister Bae Kyung-hoon. 'The government will stand firmly behind our AI companies and institutions as they scale new heights and shape a robust sovereign AI ecosystem.'
CairoScene
02-07-2025
- Business
- CairoScene
Saudi's New Murabba to Build Smart District With Korea's Naver Cloud
South Korea's Naver Cloud will provide robotics, AI, and real-time tech for Saudi Arabia's New Murabba smart city, with construction already underway in central Riyadh. Saudi Arabia's New Murabba development has signed a three-year agreement with South Korea's Naver Cloud to bring smart infrastructure and AI-powered technologies to its planned city centre in Riyadh. The deal includes platforms for autonomous mobility, robotics, and real-time construction tracking. The New Murabba project spans 14 square kilometres and is designed to feature over 100,000 homes, 10,000 hotel rooms, education and health facilities, and The Mukaab - a large cubic mixed-use tower that forms the centrepiece of the site. Excavation has already begun, with more than 14 million cubic metres of earth removed so far. The Seoul signing was part of an international investment forum, where New Murabba met with developers, technology firms, and infrastructure providers. The company is also working with global partners including Bechtel, STC Group, and China Harbour Engineering. The development is expected to create over 300,000 jobs and play a central role in Riyadh's preparations for hosting Expo 2030 and the FIFA 2034 World Cup.
Korea Herald
01-07-2025
- Business
- Korea Herald
Saudi Vision 2030's smart city has S. Korea at its heart: NMDC CEO
Naver Cloud forms first Korean partnership with megasized smart city project to work on autonomous, smart technologies Saudi Arabia's capital is undergoing a massive urban transformation aimed at reshaping not only Riyadh, but the entire Middle East -- and the kingdom wants South Korea to be part of the initiative, according to the head of the state-owned developer leading the project. New Murabba Development Co., wholly owned by Saudi Arabia's Public Investment Fund, was established to build the world's largest modern downtown in Riyadh as part of Crown Prince Mohammed bin Salman's Vision 2030 initiative. Michael Dyke, CEO of NMDC, said Korea is emerging as a key partner for the project, citing the country's advanced technology and strong cultural ties with Saudi Arabia. 'Korea's advantage is that it already has a history and track record of operating within the kingdom,' Dyke said in an interview with The Korea Herald on the sidelines of the New Murabba Investment and Partnership Forum on Monday in Seoul. He referred to the economic boom of the 1970s and '80s, when Korean construction companies were instrumental in developing Saudi Arabia's infrastructure. 'The relationships are long and strong, and partnerships with Saudi companies are already well established from within South Korea,' he added. Dyke pointed to three pillars of partnerships with Korea: industrial, technological and real estate. 'One thing I would emphasize is that because of the scale of New Murabba, there will be multiple partnerships required to cover all areas,' he noted. New Murabba, spanning 19 square kilometers in Riyadh, is envisioned as a megasized smart city. At its center will be the Mukaab, a 400-meter-tall cuboid skyscraper that will house residences, retail, hospitality, cultural and leisure facilities under a single dome. Set to be the largest structure by volume, the Mukaab will be spacious enough to fit 20 Empire State Buildings. Construction is already underway, with completion targeted for 2030. 'We're in the capital city of Riyadh, and New Murabba will become the downtown of the capital city of the Middle East. The Mukaab, where we will have the high-tech core, will be the beating heart of this downtown,' Dyke said. Regarding the integration of Korean culture into the project, Dyke responded with enthusiasm. 'The simple answer is yes. With 100 million annual visits projected for the Mukaab, and 35 percent of those being international visitors, we need familiarity in food, retail and entertainment,' he explained. Dyke highlighted that his interest in Seoul is rooted in how it 'pushes the boundaries of technology and redefines how entertainment and food and beverage experiences are created.' In the years ahead, as Saudi Arabia prepares to host Expo 2030 and the FIFA World Cup in 2034, Dyke is confident that New Murabba will be ready to welcome millions of visitors with its state-of-the-art stadiums and integrated transit connectivity. 'So we are designing our city to be smart from the very beginning, and that's where our collaboration with Naver comes in, helping us ensure the city is future-proof for generations to come, not just for the next five, 10 or 20 years.' Despite ongoing tensions in the Middle East, Dyke appeared unconcerned, calling it a fact of life in today's world of constant change. 'Clearly, some things have happened more recently in the Middle East, but I know that much of the region is back to normal,' he said. 'It remains business as usual." On the day of the forum, Naver Cloud signed a memorandum of understanding with New Murabba, becoming the project's first Korean partner. The agreement opens the door to future collaboration in areas such as robotics, autonomous driving and smart city platforms, according to NMDC. 'Mukaab is a very complex ecosystem and requires companies of scale to match its scale,' Dyke said, explaining that Naver's technological prowess and capacity align with their needs. New Murabba planned to explore future collaborations in Seoul through a two-day closed-door forum on Tuesday and Wednesday, where more than 500 participants, including company executives, investors and government officials, were to engage in discussions on investment and partnership opportunities under Saudi Arabia's Vision 2030. minmin@
Korea Herald
01-07-2025
- Business
- Korea Herald
S. Korea at heart of Saudi Vision 2030's smart city project: NMDC CEO
Naver Cloud forms first Korean partnership with the mega smart city project to work on autonomous and smart technologies Under Saudi Arabia's Vision 2030, a massive urban development is underway in Riyadh that aims to transform not only the kingdom's capital but the entire Middle East, according to Michael Dyke, CEO of New Murabba Development Company, a wholly owned subsidiary of Saudi Arabia's Public Investment Fund. South Korea is emerging as a key partner for the New Murabba project, leveraging its advanced technology and strong cultural ties to Saudi Arabia. 'Korea's advantage is that it already has a history and track record of operating within the kingdom,' Dyke said in an interview with The Korea Herald on the sidelines of the New Murabba Investment and Partnership Forum held Monday in Seoul. He referred to the economic boom of the 1970s and 1980s, when Korean construction companies were instrumental in developing Saudi Arabia's infrastructure. 'The relationships are long and strong, and partnerships with Saudi companies are already well established from within South Korea,' he added. Dyke pointed to three pillars of partnerships with Korea: industrial, technological and real estate. 'One thing I would emphasize is that because of the scale of New Murabba, there will be multiple partnerships required to cover all areas,' he noted. New Murabba, spanning 19 square kilometers in Riyadh, is envisioned as a mega-sized smart city. At its center will be the Mukaab, a 400-meter-tall cuboid skyscraper that will house residences, retail, hospitality, cultural and leisure facilities under a single dome. Set to be the largest structure by volume, the Mukaab will be spacious enough to fit 20 Empire State Buildings. Construction is already underway, with completion targeted for 2030. 'We're in the capital city of Riyadh, and New Murabba will become the downtown of the capital city of the Middle East. The Mukaab, where we will have the high-tech core, will be the beating heart of this downtown,' Dyke said. Regarding the integration of Korean culture into the project, Dyke responded with enthusiasm. 'The simple answer is yes. With 100 million annual visits projected for the Mukaab, and 35 percent of those being international visitors, we need familiarity in food, retail and entertainment,' he quipped. He highlighted that his interest in Seoul is rooted in how it 'pushes the boundaries of technology and redefines how entertainment and food and beverage experiences are created.' In the years ahead, as Saudi Arabia prepares to host Expo 2030 and the FIFA World Cup in 2034, Dyke is confident that New Murabba will be ready to welcome millions of visitors with its state-of-the-art stadiums and integrated transit connectivity. 'So we are designing our city to be smart from the very beginning, and that's where our collaboration with Naver comes in, helping us ensure the city is future-proof for generations to come, not just for the next five, 10 or 20 years.' Despite ongoing tensions in the Middle East, Dyke appeared unconcerned, calling it a fact of life in today's world of constant change. 'Clearly, some things have happened more recently in the Middle East, but I know that much of the region is back to normal,' he said. 'It remains business as usual." On the day of the forum, Naver Cloud signed a memorandum of understanding with New Murabba, becoming the project's first Korean partner. The agreement opens the door to future collaboration in areas such as robotics, autonomous driving and smart city platforms, according to NMDC. 'Mukaab is a very complex ecosystem and requires companies of scale to match its scale,' Dyke said, explaining that Naver's technological prowess and capacity align with their needs. New Murabba plans to explore future collaborations in Seoul through a two-day closed-door forum on Tuesday and Wednesday, where more than 500 participants, including company executives, investors and government officials, engage in discussions on investment and partnership opportunities under Saudi Arabia's Vision 2030. minmin@
