Naver Partners with Saudi Sovereign Wealth Fund JV for Digital Transformation Cooperation

Team Naver Signs MOU with IoT Squared

Cha Seon-ju, Head of External/ESG Policy at Naver, Kim Yoo-won, CEO of Naver Cloud, and Ottoman Aldahashi, CEO of IoT Squared, are taking a commemorative photo at the Memorandum of Understanding (MOU) signing ceremony held in Saudi Arabia on the 3rd (local time). Photo by Naver Cloud

Naver Cloud is partnering with Saudi Arabian Internet of Things (IoT) and smart city technology company iot squared to embark on digital transformation (DX) projects within Saudi Arabia.

Naver Cloud announced on the 7th that it has signed a memorandum of understanding (MOU) with iot squared regarding this collaboration. The company is a joint venture (JV) jointly established by STC Group, which leads Saudi Arabia's digital transformation initiatives, and the Saudi Arabian Public Investment Fund (PIF). This marks the first MOU achievement since Naver announced in October that it had secured the contract to build Saudi Arabia's digital twin platform.

The two companies will collaborate on cutting-edge ICT projects such as IoT, digital twins, and robotics. Through this, they aim to promote digital transformation at the national level in Saudi Arabia. The digital twin platform to be built by Team Naver will be utilized for urban planning, monitoring, and simulation, while a smart city based on robotics and autonomous driving technology will also be developed. Furthermore, they will explore new applications of the digital twin platform locally in Saudi Arabia.

Cha Seon-ju, Head of Naver's External/ESG Policy, stated, “Since the digital twin to be built in Saudi Arabia is planned as an open platform that will create synergy with partners, we will expand cooperation with prominent partners such as iot squared. We will make multifaceted efforts to enhance the technological level of the cutting-edge smart city promoted by Saudi Arabia using Naver's technology.”

Othman Aldahasi, CEO of iot squared, said, “This MOU signed with Naver Cloud is meaningful in that it creates possibilities for technological advancement and innovation. iot squared plans to create a differentiated smart city platform by utilizing Naver’s digital twin. Through this, both companies will build a future full of infinite possibilities together.”

This content was produced with the assistance of AI translation services.