Naver & PIF-backed JV Join Hands on Saudi Smart Cities

South Korean online portal giant Naver Corp. is planning to accelerate Saudi Arabia’s digital transformation in partnership with a tech firm backed by Public Investment Fund (PIF), the world’s sixth-largest sovereign wealth fund.
 
Naver and Riyadh-based iot squared on Dec. 3 entered a non-binding agreement to jointly build a digital twin platform in Saudi, the Korean firm said on Thursday. The memorandum of understanding follows a digital twin project partnership that Naver and the Saudi government signed last month. 
 
Founded in April 2022, iot squared is a 50:50 joint venture between PIF and state-owned Saudi Telecom Company (stc). The JV is providing internet of things (IoT) solutions to industrial, logistics, public and smart city sectors.
 
Naver and iot squared will cooperate in the development and operation of Saudi’s digital twin, or virtual representation of the country’s public systems. They will also use robotics, autonomous driving and other advanced technologies for planning, monitoring and simulating Saudi’s smart city projects.


Source: KED Global