Saudi Arabia’s National Housing Company (NHC) and South Korea’s Naver Corp said it has signed a memorandum of understanding (MOU) to establish a joint venture. NHC is a subsidiary of the Ministry of Municipalities and Housing.
The signing ceremony happened during the Cityscape 2024 event in Riyadh, Saudi Arabia, from Monday to Thursday last week.
Attendees included Naver’s Foreign and ESG Policy CEO Chae Seon-Ju, Naver Cloud CEO Kim Yoo-won, and Saudi Arabia’s Minister of Municipalities and Housing, Majid Al-Hogail.
They emphasized that this move adds a new Saudi-focused business unit, supplementing the establishment of a subsidiary in Arabia, which oversees its operations in the Middle East.
The new joint venture will operate and commercialize digital twin platforms within Saudi Arabia.
NHC, a state-owned company handling 70% of real estate transactions in Saudi Arabia, is tasked with driving digital innovation in the country’s real estate sector and building smart cities.
