Kakao Mobility, Partner in Saudi Arabia's $63 Billion New City Deal

Kakao Mobility sets a historic milestone by exporting an overseas solution for the first time since its establishment. The stage for this is none other than Saudi Arabia's colossal future city, the 'Diriyah Project'. The Diriyah Project, with a total project cost of 86 trillion won, is an ambitious national infrastructure project by the Saudi government to develop high-end resorts, villas, hospitals, shopping centers, and more on a 14-square-kilometer site (20 times the size of Yeouido) west of the capital Riyadh. Here, Kakao Mobility will implement Korea's innovative parking solution. On the 25th of last month, Kakao Mobility signed a business agreement with the Diriyah Gate Development Authority and will be responsible for developing an integrated solution system that encompasses the operation of Diriyah's parking infrastructure, capable of accommodating over 60,000 vehicles, as well as parking reservations and payments for users. In particular, it plans to demonstrate the excellence of its solution by leveraging differentiated know-how, including 'FIN', the world's first commercialized technology that provides accurate navigation even underground where GPS signals don't reach, and 'UPC' technology, which integrates and manages multiple parking lots within a single system. After first pursuing pilot projects in certain areas that are currently in soft-opening, Kakao Mobility plans to expand the provision of its parking solutions to the entire Diriyah Project based on the results. Furthermore, there is a possibility for the scope of cooperation to expand beyond parking services to Kakao Mobility's entire integrated mobility platform, with expectations to jointly create an innovative mobility environment for the future city. This overseas expansion is expected to be an important stepping stone for Kakao Mobility to gain recognition on the global stage for the mobility technology and platform operation know-how it has accumulated domestically and internationally. As major international organizations such as the UAE and OECD have previously directly verified Kakao Mobility's technological capabilities, there are high expectations that the Diriyah Project will further elevate the status of Korean smart mobility.