South Korea’s Naver Company to Construct Digital Twins of Saudi Cities
South Korean internet giant, Naver Corp, has secured a contract to create and manage a cloud platform for Saudi Arabia, marking its major advanced technology export to the Middle East.
This announcement coincided with South Korean President Yoon Suk Yeol and leading company executives’ visit to Saudi Arabia, aiming to win some large industrial projects in the Kingdom.
A Whooping $15.6 Billion Agreement
Saudi Arabia and South Korea signed 51 agreements worth $15.6 billion, exhibiting the burgeoning alliance between the two nations. Naver Corp’s venture is a part of this substantial deal, which is anticipated to foster technological advancements in Saudi Arabia.
Building Digital Twins
Naver plans, as stated on Tuesday, on constructing and operating digital twins, or virtual versions, in five cities including Riyadh, Medina, and Mecca. These digital twins will provide realistic simulation capabilities, and will be used for city planning and monitoring cities and predicting flood in Saudi Arabia over a five-year period.
Share Skyrockets
Naver’s shares jumped up to 3.2% in early trading on the Seoul stock market, recording the biggest daily gains in six weeks. This leap reflects the investors’ growing confidence in Naver’s ambitious project in Saudi Arabia.
Overcoming Global Tech Giants
The South Korean firm, offering a range from search engines to artificial intelligence and cloud services, outperformed a host of global tech companies to get the project.
In March, Naver signed a non-binding agreement with Saudi Arabia for digital transformation cooperation. Since then, the company hosted over nine visits from high-ranking Saudi officials at its high-tech South Korean headquarter where over 100 robots are employed for coffee and meal deliveries.
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