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

- NHC, named "the largest real estate developer in the Middle East" this year, accounts for 70% of real estate transactions in Saudi Arabia

- Leading digital transformation in the real estate sector, including smart cities, plans underway to develop a map-enabled super app for public administration with NAVER

SEONGNAM, South Korea, Nov. 18, 2024 /PRNewswire/ -- TEAM NAVER is to establish a joint venture with Saudi Arabia's National Housing Company (NHC), a state-owned company under the Ministry of Municipalities and Housing. The JV will serve as NAVER's business unit for the Saudi Arabia region, along with NAVER Arabia (tentative name) which will oversee the company's 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.