Naver to establish Middle East headquarters in Saudi Arabia this year

On the 10th of this month (local time), Naver signed a business agreement at the ‘Global AI Summit 2024’ held in Riyadh, Saudi Arabia. (Saudi Press Agency)

South Korean platform giant Naver Corp. announced on Monday that it will establish a Middle East headquarters in Saudi Arabia by the end of this year.

According to Naver, it will join Saudi Arabia’s Regional HQ (RHQ) program, which focuses on attracting regional headquarters to the Middle East, with aims to collaborate on national projects in advanced technology while exploring other business opportunities.

Multinational companies that establish regional headquarters in Saudi Arabia must obtain an RHQ license and hire 15 local staff within one year of the license being issued.

They must also fulfill mandatory activities designated by the Saudi Ministry of Investment.

The RHQ program offers incentives such as a 10-year exemption from the mandatory Saudi employment requirement, relaxed visa regulations, and benefits for dependents.

Naver also plans to establish joint ventures (JVs) for individual projects in Saudi Arabia, such as those with the Saudi Ministry of Municipal and Rural Affairs and Housing (MOMAH) and the National Housing Company (NHC).

Earlier this month, Naver signed a memorandum of understanding (MOU) with the Saudi Data and Artificial Intelligence Authority (SDAIA) during the Global AI Summit 2024 held in Riyadh, agreeing to collaborate in various technology sectors, including AI, cloud computing, data centers, and robotics.

Key executives, including Naver’s Global Investment Officer Lee Hae-jin, Chief Executive Choi Soo-yeon, and head of ESG & foreign policy Chae Seon-ju met with ministers of the MOMAH, Ministry of Commerce, and Ministry of Investment, as well Vice President of Aramco Nabil Al-Nuaim.

Chae is reportedly being considered for the position of head of the regional headquarters in Saudi Arabia.