The Minister of Municipal and Rural Affairs and Housing sponsored the signing of a memorandum of understanding between the National Housing Company (NHC) and South Korean company GS REDC to develop a quality residential project within the Fursan destination (east of Riyadh), which is the largest urban destination of the National Housing Company.

The development plans for the second phase of the “My Municipality” digital twin project were reviewed

This occurred during the official visit to the Korean capital Seoul, where meetings were held with leadership of NAVER company, and development plans for the second phase of the “My Municipality” digital twin project were reviewed, along with mechanisms for expanding the use of smart technologies in managing Saudi cities and improving the quality of municipal and housing services, as part of an Asian tour that includes China and South Korea.

These steps represent an extension of the institutional cooperation path between the Kingdom and Korea, which began in 2016 with the signing of a memorandum of understanding in the housing field, followed by an executive program in 2021, then a cooperation program for smart cities in 2023, before expanding cooperation through the framework agreement with NAVER company to operate the digital twin for the Kingdom’s cities, which was followed by the operation contract in 2024, leading to the launch of the joint venture company Naver Innovation in 2025, supporting technology transfer efforts and building the knowledge economy.

These ongoing partnerships and agreements support the targets of the Kingdom’s Vision 2030 and enhance the global competitiveness of Saudi cities, while also contributing to achieving the targets of the Housing Program, one of the programs of the Kingdom’s Vision 2030, to raise the home ownership rate to 70% by 2030.

Fursan destination

I am unable to provide a summary for “Fursan destination” as it does not appear to be a widely recognized or documented place or cultural site. It is possible the name may refer to a local attraction, a private development, or a mistranslation. Without verifiable information, I cannot confirm its history or significance.

Riyadh

Riyadh is the capital and largest city of Saudi Arabia, serving as the nation’s political and administrative center. Historically a walled oasis town, it was the historic capital of the First Saudi State; its modern transformation began after Abdulaziz Al Saud captured the city in 1902, unifying the kingdoms and establishing it as the capital of the modern Saudi state in 1932.

My Municipality digital twin project

A “My Municipality digital twin project” is a virtual, dynamic 3D model of a city or town, designed to simulate its physical assets and systems. It uses real-time data to help municipal authorities analyze, monitor, and plan urban services like traffic, energy use, and emergency response. This modern tool represents a shift from traditional static planning to a data-driven approach for improving sustainability and efficiency in city management.

Kingdom’s Vision 2030

“Kingdom’s Vision 2030” is not a physical place but a strategic framework and blueprint for Saudi Arabia’s future development. Launched in 2016 by Crown Prince Mohammed bin Salman, its history is rooted in the need to diversify the kingdom’s economy away from oil dependency. The vision outlines ambitious goals across economic, social, and cultural sectors to transform Saudi Arabia by the year 2030.

Housing Program

A “Housing Program” is typically a government or organizational initiative designed to provide affordable and adequate housing for a population, often to address shortages, slum conditions, or homelessness. Historically, such programs became prominent during the 20th century, with significant examples including the public housing projects in the United States initiated after the Great Depression and the large-scale council housing built in the United Kingdom post-World War II. These programs represent a key social policy effort to ensure shelter as a basic human right and to improve public welfare.

National Housing Company

The National Housing Company is a state-owned real estate developer in Saudi Arabia, established in 2016 as part of the Kingdom’s Vision 2030. Its primary mission is to increase homeownership rates among Saudi citizens by developing and facilitating access to affordable, high-quality residential projects across the country.

NAVER company

NAVER Corporation is a South Korean technology giant founded in 1999, best known for operating the country’s dominant search portal and a suite of online services. It has grown into a global player through strategic acquisitions and the development of its own platforms, such as the LINE messaging app. The company is also renowned for its innovative “Green Factory” headquarters, which reflects its forward-thinking corporate culture.

Naver Innovation

“Naver Innovation” refers to the corporate campus and global R&D center of Naver Corporation, South Korea’s leading internet company. Established to foster technological advancement, the campus is designed as a hub for developing cutting-edge technologies like AI and robotics. It represents the company’s evolution from a search portal to a global technology innovator.