TEAM NAVER to Establish New Middle East Office to Expand Its Global Footprint
TEAM NAVER to Establish New Middle East Office to Expand Its Global Footprint
TEAM NAVER to Establish New Middle East Office to Expand Its Global Footprint
- A base in the Middle East for global expansion will be established in Saudi Arabia by the end of the year, along with plans for joint ventures (JVs) in individual business units
September 23, 2024
NAVER Corporation (CEO Choi Soo-yeon) announced on the 23rd that it plans to establish a Middle East general corporate entity (tentatively named NAVER Arabia) in Saudi Arabia within this year.
To this end, NAVER plans to participate in the Regional HQ(RHQ) program offered by Saudi Arabia to global companies, initially collaborating on large-scale national high-tech projects while also exploring various business opportunities.
In addition, the company plans to establish joint ventures (JVs) for individual business units in Saudi Arabia. For example, the company will form a JV with the Saudi Ministry of Municipal and Rural Affairs (MOMAH) and the National Housing Company (NHC), which are partners in the digital twin platform project in Saudi Arabia.
Following the digital twin project, NAVER has begun collaborating with Saudi Arabia on developing “Sovereign AI” as well. This marks a significant step in expanding TEAM NAVER’s technology-based B2B operations globally, starting in the Middle East. Earlier, at GAIN 2024 on the 12th, TEAM NAVER announced that it had signed a memorandum of understanding (MOU) with the Saudi Data and Artificial Intelligence Authority (SDAIA), which oversees Saudi Arabia’s AI sector. The MOU covers collaboration on a wide range of technologies, including AI, cloud, data centers, and robotics.
Key executives, including NAVER’s GIO Lee Haejin, NAVER CEO Choi Soo-yeon, and President of NAVER’s ESG and External Policy Chae Seon-ju, attended the third GAIN 2024 conference in Saudi Arabia from September 10. Throughout the visit, TEAM NAVER met with key government officials, including the Saudi Minister of Municipal and Rural Affairs and Housing, the Minister of Commerce, the Minister of Investment, and the President of SDAIA, as well as with Nabil Al-Nuaim, Executive Vice President of Aramco, Mohammad Albuty, CEO of NHC, and Hussain Sajwani, Founder of DAMAC. <End>
