Naver founder Lee Hae-jin is fast-tracking the company’s growth in Saudi Arabia, moving beyond its ongoing smart city projects toward deeper involvement in digital finance and large-scale AI infrastructure. During his visit to Riyadh for Cityscape Global 2025, Lee met with Minister Majed Al-Hogail to discuss cooperation across digital finance, data centers, and AI-driven urban development. Both sides explored partnerships in stablecoin-based digital currencies, real estate tokenization, and expanded R&D exchange programs between Korea and Saudi Arabia.
Naver is simultaneously preparing a major stock swap between Naver Financial and crypto exchange Dunamu—a move widely viewed as a strategic step into the stablecoin market.
The company has already delivered digital twin platforms for Mecca, Medina, and Jeddah, and showcased smart city, AI, and cloud solutions at Cityscape Global 2025. Meanwhile, CEO Choi Soo-yeon joined Korea’s delegation to the UAE to discuss potential collaboration on the massive Stargate AI infrastructure project, where Korean semiconductor and cooling technologies drew strong interest.
Naver’s broader Middle East expansion includes a joint venture with Saudi Arabia’s National Housing Company, plans to develop a map-powered super app, and deploying robotics, autonomous driving, and smart city technologies to the New Murabba megaproject.
