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[Alpha Biz=(Chicago) Reporter Kim Jisun] Naver's technology exports to Saudi Arabia have been confirmed to be much larger than known.
According to Alpha Biz coverage on the 7th, Naver's $100 million digital conversion project signed with Saudi Arabia last month is only the first initial volume.
"I understand that Naver's technology exports are expanding sequentially," a high-ranking government official familiar with the contract between Saudi and Naver told Alpha Economy. "The latest contract is part of the total business size."
Naver signed a contract with Saudi Arabia's Ministry of Government Administration and Housing (MOMRAH) last month to build a national "Digital Twin" platform.
According to the contract, Naver will apply its digital twin technology to five cities, including Riyadh, the capital of Saudi Arabia, as well as Madinah·Jeddah· Dammom and Mecca.
"The project won by the Naver team, led by ESG CEO Chae Sun-joo, was expected not to be a one-off, but to change Saudi Arabia's entire national system," said Yoon Joo-ho, CEO of Umbrella Research. "We cannot rule out the possibility that Naver's technology exports will grow to trillion under subsequent contracts such as Neom City."
Related to this, Naver said, "The Saudi technology export contract can not be confirmed except for the official announcement."
Alphabiz Reporter Kim Jisun(stockmk2020@alphabiz.co.kr)
