Monday 20 May 2024

SITE in deal with AhnLab to set up Saudi cybersecurity JV

RIYADH, April 3, 2024

Saudi Information Technology Company (SITE), a Public Investment Fund (PIF) company and the national cybersecurity champion, has entered into a dual investment deal worth over SAR500 million ($133 million) with leading Korean cybersecurity company AhnLab to co-invest in the deployment and localisation of multiple cybersecurity technologies in the kingdom as well as the Middle East and North Africa.
The deal inked through its subsidiary SITE Ventures will see the partners join forces under a newly created venture to localise an array of cutting-edge cybersecurity technologies to serve the national and regional markets.
As part of the deal, the Saudi company will acquire a 10% stake in AhnLab through a capital increase, said the company in a statement. 
Upon completion, these combined deals and the robust research-and-development channel will pave the way for the partners to create an inspiring platform to develop cutting-edge products and solutions, meeting the increasing global demand for these technologies, it stated.
As part of the venture, a joint research-and-development initiative has been established to facilitate and gain access to the best-of-breed technical knowledge and capabilities required in today's evolving market, SITE said.
On the tieup, CEO Dr. Saad Alaboodi said this new investment was one of many that SITE was developing. 
"We recognise our national strategic role to localise 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," noted Alaboodi.
AhnLab CEO Suk-Kyoon Kang 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, added Kang.-TradeArabia News Service


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