The Minister of Municipalities and Housing meets with leaders of the Korean company NAVER and oversees the signing of a new housing agreement as part of his Asian tour.

Monday 08 June 2026
aq

His Excellency the Minister of Municipalities and Housing, Mr. Majid bin Abdullah Al-Hogail, met today in the Korean capital, Seoul, with the leaders of NAVER Company. He also reviewed with them the development plans for the second phase of the "Baladi" digital twin project, and the mechanisms for expanding the use of smart technologies in managing Saudi cities and improving the quality of municipal and housing services, as part of his Asian tour which includes the People's Republic of China and South Korea. .

His Excellency also oversaw the signing of a memorandum of understanding between the National Housing Company NHCand GS REDC To develop a high-quality residential project within the Al Fursan destination (east of Riyadh), which is the largest urban destination belonging to the National Housing Company, in support of ongoing efforts to increase the housing supply, achieve balance in the real estate market, and enhance implementation efficiency. .

These steps are an extension of the institutional cooperation between the Kingdom of Saudi Arabia and the Republic of South Korea, which began in 2016 with the signing of a memorandum of understanding in the field of housing, followed by an executive program in 2021, then a program for cooperation in smart cities in 2023, before expanding cooperation through the framework agreement with NAVER. To operate the digital twin of the Kingdom's cities, which was followed by an operating contract in 2024, leading up to the launch of the joint venture company Naver Innovation In 2025, in support of technology transfer efforts and building a knowledge economy .

It is worth noting that these ongoing partnerships and agreements will contribute to supporting the goals of the Kingdom’s Vision 2030, enhancing the global competitiveness of Saudi cities, and achieving the goals of the Housing Program – one of the Saudi Vision 2030 programs – to raise the rate of homeownership to 70% by 2030.

Comments and suggestions

For any inquiries or comments about government services, please fill out the required information.

Last Updated:

The Kingdom of Saudi Arabia