Naver expedites AI, digital infrastructure biz in Saudi Arabia

Naver Chairman Lee Hae-jin speaks during Venturing Naver’s Next Chapter event at Four Seasons Hotel Silicon Valley in Palo Alto, Calif., June 5 (local time). Courtesy of Naver

Naver founder and chairman Lee Hae-jin is accelerating the company’s push into Saudi Arabia, signaling a broader expansion beyond its current smart city projects into digital finance infrastructure.

His latest visit to the country’s capital of Riyadh marks a key step in Naver’s efforts to establish a stronger presence across the Middle East.

According to the local news outlet Saudi Press Agency (SPA), Lee met with the country’s Minister of Municipal and Rural Affairs and Housing, Majed Al-Hogail, in Riyadh on Tuesday (local time) during Cityscape Global 2025, one of the world’s largest construction and real estate trade fairs.

The two reportedly discussed cooperation in digital finance, data centers and urban development based on artificial intelligence (AI), deepening ties they initially formed when Al-Hogail visited Naver’s 1784 headquarters in Gyeonggi Province in 2022 to experience the company's digital twins, robots and AI technologies.

SPA reported that both sides explored partnerships specifically on stablecoin-based digital currencies and real estate tokenization, as well as expanding research and development cooperation in emerging technologies and supporting programs for science and technology exchanges between the two countries.

Back home, Naver is preparing a comprehensive stock swap between its fintech subsidiary Naver Financial and crypto exchange operator Dunamu as part of its entry into the stablecoin business. The proposal is reportedly set to be discussed at the upcoming board meeting on Wednesday, with the anticipated exchange ratio of three shares of Naver Financial for each share of Dunamu emerging as the most likely scenario.

The moves are interpreted as Naver's efforts to extend its Saudi Arabia business beyond its existing smart city management projects.

Naver has been developing digital twin platforms for Saudi smart city projects, offering 3D mapping and simulation technology for infrastructure monitoring and urban planning, which are vital to the country’s digital backbone, the Vision 2030 strategy.

At Cityscape Global 2025, Naver showcased digital twins, AI and cloud computing in property development and urban operations. In particular, the company presented ways to expand digital transformation in urban development and architecture, led by the digital twin platforms it completed in June for the Saudi cities of Mecca, Medina and Jeddah.

LG Electronics CEO Cho Joo-wan, left, and Naver CEO Choi Soo-yeon, right, meet during the Korea-UAE business roundtable in Abu Dhabi, Wednesday (local time). Yonhap

Meanwhile, Naver CEO Choi Soo-yeon joined President Lee Jae Myung on his United Arab Emirates visit, attending the Korea-UAE business roundtable in Abu Dhabi on Wednesday (local time).

Choi, along with Samsung and SK Group executives, discussed the specifics of collaborating with the UAE’s Stargate project, a multibillion-dollar initiative to develop large-scale AI infrastructure. The officials from the UAE reportedly showed considerable interest in Korea’s semiconductor, power and cooling technologies, discussing the possibility of Korean company participation in energy mix-based power supply, large-scale energy storage systems and highly efficient cooling infrastructure.

Naver has been intensifying its Middle East expansion, spearheading business development in Saudi Arabia by advancing smart city solutions and digital finance infrastructure.

Naver Cloud established a strategic joint venture, Naver Innovation, with Saudi Arabia’s National Housing Company in May, officiating its involvement in the country’s digital transformation of public and residential sectors with smart city technology and the development of a map-powered super app.

The company is also set to bring its robotics, autonomous driving and smart city technologies to Saudi Arabia’s future New Murabba district, a major national urban development project that will feature large-scale residences, and commercial and public facilities.