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South Korean internet leader Naver Corp has won a contract to build and operate a cloud platform for Saudi Arabia, securing its first major high-tech export to the Middle East.
Naver’s announcement came as South Korean President Yoon Suk Yeol and heads of major companies including Samsung Electronics Co and Hyundai Motor Co visited Saudi Arabia. They are trying to land some of the kingdom’s industrial and megaprojects, such as Neom, a huge new city the Saudi government is building in the desert that is expected to cost more than $500 billion.
Naver will build and operate so-called digital twins, or virtual versions, of five cities, including Riyadh, Medina and Mecca, the company said in a statement on Tuesday.
The digital twin offers real-time simulation capabilities and will be used for urban planning, monitoring and flood forecasting in Saudi Arabia for five years.
Naver shares rose as much as 3.2% in early trading in Seoul, their biggest intraday gain in six weeks.
The Korean company, which provides everything from a search engine to generative artificial intelligence, cloud and mapping services, beat out a handful of global tech companies to secure the project. In March, Naver signed a non-binding agreement with Saudi Arabia to collaborate on digital transformation. Since then, Naver has hosted more than nine visits by senior Saudi officials to its second headquarters in Korea, a high-tech building where more than 100 robots roam to deliver coffee and meals.
Naver’s announcement came as South Korean President Yoon Suk Yeol and heads of major companies including Samsung Electronics Co and Hyundai Motor Co visited Saudi Arabia. They are trying to land some of the kingdom’s industrial and megaprojects, such as Neom, a huge new city the Saudi government is building in the desert that is expected to cost more than $500 billion.
Naver will build and operate so-called digital twins, or virtual versions, of five cities, including Riyadh, Medina and Mecca, the company said in a statement on Tuesday.
The digital twin offers real-time simulation capabilities and will be used for urban planning, monitoring and flood forecasting in Saudi Arabia for five years.
Naver shares rose as much as 3.2% in early trading in Seoul, their biggest intraday gain in six weeks.
The Korean company, which provides everything from a search engine to generative artificial intelligence, cloud and mapping services, beat out a handful of global tech companies to secure the project. In March, Naver signed a non-binding agreement with Saudi Arabia to collaborate on digital transformation. Since then, Naver has hosted more than nine visits by senior Saudi officials to its second headquarters in Korea, a high-tech building where more than 100 robots roam to deliver coffee and meals.
