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South Korea’s information technology and game companies are rushing to the Middle East to seek global growth drivers as the oil-rich countries in the region are expanding their IT infrastructure.
Naver Corp., South Korea’s online giant, has started setting up a digital twin platform, a virtual representation of an object or system designed to accurately reflect a physical object, in Saudi Arabia. The company last October won a $100 million deal to establish the platforms in major Saudi cities such as Riyadh from the kingdom’s Ministry of Municipal and Rural Affairs (MOMRAH). Naver Z Corp., the metaverse arm of the online juggernaut, has been working with the United Arab Emirates’ Sharjah Media City to jointly develop metaverse technology and content. Major companies in Middle Eastern countries, especially the UAE, are actively investing in artificial intelligence to cut their economic reliance on oil. Government authorities prefer South Korean tech companies as they aim to build IT infrastructures without depending on Big Tech firms in English-speaking nations such as the US. The UAE has taken great measures to attract IT companies. The country issues a special 10-year visa for investors and experts in AI, big data and software, for example. Source: KED Global
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