Naver's (KRX:035420) cloud service provider, Naver Cloud, signed a contract to establish a strategic joint venture with Saudi Arabia's National Housing Company (NHC), Naver said in a Wednesday press release.
The joint venture NAVER Innovation, to be jointly funded by Naver Cloud and NHC's digital arm, NHC Innovation, under NAVER Arabia, aims to advance smart city development and digital transformation in Saudi Arabia.
NAVER Innovation will develop a map-based super app supporting housing, transport, and urban services, and will expand into digital twin platforms, the release said.
Shares of Naver rose nearly 1% in recent trade on Thursday.
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