Team Naver To Establish A Joint Venture With The National Housing Company In Saudi Arabia, Building Additional Foundations For Business Along With Its Digital Twin Platform
TEAM NAVER is to establish a joint venture with Saudi Arabias National Housing Company NHC, a state-owned company under the Ministry of Municipalities and Housing. The JV will serve as NAVERs business unit for the Saudi Arabia region, along with NAVER Arabia tentative name which will oversee the companys business in the MENA region.
TEAM NAVER and NHC signed an MOU to establish a JV at Cityscape Global 2024, held from November 11 to 14 in Riyadh, Saudi Arabia . The MOU signing ceremony was attended by key figures from both companies, including Chae Seon -ju, President of ESG and External Affairs at NAVER, Kim Yuwon, CEO of NAVER Cloud, Majed Al-Hogail , Saudi Arabian Minister of Municipalities and Housing, and Ryan Al-Aql , CSO of NHC.
The JV will operate under NAVER Arabia tentative name, with the operation and commercialization of the digital twin platform in Saudi Arabia as its core business along with NHC. The JV will also be TEAM NAVERs first business entity for its technology platform business in the Middle East .
NHC, a key partner of TEAM NAVER in Saudi Arabia , is a state-owned company under the Saudi Arabian Ministry of Municipalities and Housing that is responsible for 70 of real estate transactions in the country. As part of Saudi Arabias Vision 2030 initiative, the company is currently focused on digital transformation such as digital innovation in the real estate sector and smart city development. Since its establishment in 2016, NHC has been in charge of over 380 projects for real estate development projects including public housing provision, and the value of its real estate portfolio is expected to exceed 60 billion USD 80 trillion KRW as of the end of 2025. The company has also been selected as the largest real estate developer in the Gulf Cooperation Council GCC by the Construction Week Middle East in 2024.
TEAM NAVER and NHC will operate and commercialize the digital twin platform in Saudi Arabia through the JV, while also developing other businesses such as a public monitoring platform for urban areas and a map-enabled super app for public administration.