Seoul, October (پاکستان پوائنٹ نیوز 21 اكتوبر 2025ء) Al-Hogail also sponsored the signing of a memorandum of understanding between the National Housing Company (NHC) and GS REDC to develop a distinctive residential project within the Fursan development in eastern Riyadh, the largest urban project undertaken by the National Housing Company. The initiative supports ongoing efforts to increase housing supply, achieve balance in the real estate market, and enhance implementation efficiency.
This step marks a continuation of institutional cooperation between the Kingdom and Republic of Korea, which began in 2016 with the signing of a memorandum of understanding in the housing sector. It was followed by an executive program in 2021, a smart cities cooperation program in 2023, and a framework agreement with NAVER to operate the Kingdom’s digital twin project, later formalized through an operating contract in 2024. These efforts culminated in the launch of the joint venture company Naver Innovation in 2025, supporting technology transfer and contributing to building a robust knowledge-based economy in the Kingdom.
