[Special Stock] Wavers Rises on Naver and LX's Digital Twin Targeting 650 Trillion Neom City

Wavers is showing strength following news that Naver is teaming up with Korea Land and Geospatial Informatix Corporation (LX) to target the global digital twin market. This is interpreted as a result of the spotlight on the Ministry of Land, Infrastructure and Transport's digital twin project contract.

As of 11:02 AM on the 3rd, Wavers is trading at 1,633 KRW, up 3.81% from the previous day.

According to the IT industry on the 2nd, Naver Cloud and Naver Labs are scheduled to sign a business agreement with LX Corporation on the same day to expand overseas digital twin construction projects. Digital twin refers to creating a virtual space that replicates the real object like a twin. Through this agreement, Naver's overseas territorial expansion is expected to accelerate.

In particular, Saudi Arabia is reportedly showing interest in Naver's digital twin technology. There is also speculation that Naver's digital twin technology could be applied to the $500 billion (approximately 650 trillion KRW) NEOM City development project.

In March, Naver signed a business agreement with Saudi Arabia's Ministry of Municipal and Rural Affairs and Housing and the Ministry of Investment to cooperate in various ways on national digital transformation (DX) based on digital twin technology. Sharjah, one of the emirates constituting the United Arab Emirates (UAE), is also showing interest.

The government has decided to provide full support at the pan-government level to discuss the achievements of One Team Korea's activities in Saudi Arabia and Iraq and to secure follow-up contracts for mega projects in the Middle East such as NEOM City.

On the same day, Won Hee-ryong, Minister of Land, Infrastructure and Transport, attended the Cabinet meeting held at the Seoul-Sejong Government Complex and discussed the "Achievements of One Team Korea's activities in Saudi Arabia and Iraq and the follow-up action implementation plan."

Meanwhile, Wavers is known to have been awarded the national spatial information integrated platform (hereinafter K-Geo platform) construction project for three years starting in 2020. Since the first launch of the K-Geo platform in January 2021, the number of users from central government ministries and local governments has steadily increased.

Last year, Wavers was appointed as the lead contractor for the Ministry of Land, Infrastructure and Transport's "Digital Twin National Land Service Infrastructure Construction" project.