3D Factory, a South Korean global platform dedicated to the development of the metaverse, announced on Jan. 22 that it has been selected as the advertising planner and executor for the entire Taif region of Saudi Arabia. This public project was commissioned by the Ministry of Municipal and Affairs and Housing (MOMRAH) under the Saudi Central Government and the Administrative Department of the Taif Region.
This project represents an initial phase of the agreement between 3D Factory and the municipal government of Taif City, which was signed in July of last year. The agreement, valued at 700 billion won over ten years, is now being implemented with an initial phase budget of 250 billion won (US$187 million).
CEO Oh Byung-ki explained, “In July of last year we entered into a private contract worth 700 billion won with the municipal government. However, according to the guidelines of MOMRAH in Saudi Arabia, open public procurement is conducted under the direction of the central government minister for projects exceeding 1 billion riyals for the 5 special cities and 75 million riyals for the 12 metropolitan cities.”
Source: Business Korea