Saudi Market to Benefit from Cutting-Edge Cybersecurity Solutions with New Joint Venture
In a groundbreaking move, a new joint venture between a Public Investment Fund-owned company and Korean firm AhnLab is set to revolutionize the cybersecurity industry in Saudi Arabia.
Saudi Information Technology Co., also known as SITE, will dominate the local joint venture with a 75 percent stake, while the remaining 25 percent will be held by the East Asian-based company, as revealed in a recent press release.
The launch of the new entity is scheduled for the first half of 2024, pending regulatory approvals and meeting specific commercial conditions.
Excited about the venture, Saad Al-Aboodi, CEO of SITE, stated, “This new joint venture is just one of the many ambitious investments that SITE is spearheading. We understand the importance of localizing top-tier cybersecurity technologies in our country and the wider region to meet the ever-evolving market demands while delivering excellence to our clients in the public and private sectors.”
The joint venture will focus on marketing, offering, and localizing AhnLab’s cutting-edge cybersecurity solutions and services to clients in Saudi Arabia, including their cloud and AI-based platform. This platform helps in collecting and analyzing logs from various systems, assisting customers in managing cyber risks effectively.
Moreover, the partnership aims to extend the services of the new company, including generative AI security, to the Middle East and North Africa region in the near future, solidifying its presence in the cybersecurity market.