SITE and South Korea’s AhnLab join forces to advance cybersecurity tech in MENA
Newswire
29
March
2024
Riyadh, KSA- SAR 500+ million dual investment to deploy and localize multiple technologies in Saudi Arabia and region
- Joint venture includes the launch of a research and development initiative
- Aligns with PIF’s initiative to develop Saudi Arabia’s innovation capabilities
PIF-owned Saudi Information Technology Company (SITE), and its subsidiary SITE Ventures, have entered a SAR 500+ million dual investment with AhnLab Inc., a South Korea-based firm, to co-invest in the deployment and localization of multiple cybersecurity technologies in Saudi Arabia and the wider Middle East and North Africa.
As part of the joint venture, the parties have established a research and development initiative to facilitate and gain access to leading technical knowledge and capabilities. Meanwhile, SITE Ventures is acquiring a 10% stake in AhnLab through a capital increase. Upon completion, these agreements will pave the way for the partners to create a platform to develop innovative products to meet evolving demands.
Dr. Saad Alaboodi, CEO of SITE, said: “This new investment is one of many that SITE is developing. We recognize our national strategic role to localize top-tier cybersecurity technologies in our country and the region as a whole, to address the ever-growing market dynamics and demands, while maintaining the highest standards of excellence for our clients in both the public and private sectors in the Kingdom and the region.”
Suk-Kyoon Kang, CEO of AhnLab, said: “The establishment of this joint venture signifies a long-term cooperation based on the competitive strengths of both companies to grow together in the MENA region. Through the new JV, we expect to jointly tailor our cybersecurity technologies to the needs of the MENA market, including Saudi Arabia, and accelerate global growth.”
The partnership aligns with PIF’s initiative to develop Saudi Arabia’s innovation capabilities and localization, while supporting the country’s aim to become a globally competitive technology hub.
-
Press Releases
10 December 2024PIF launches Hotel Management Company (Adeera) to develop distinct new Saudi hospitality brands
-
Press Releases
05 December 2024PIF and Bpifrance Assurance Export sign $10 billion memorandum of understanding -
-
Press Releases
31 October 2024PIF signs memorandums of understanding with five leading Japanese financial institutions