A new partnership between a company owned by the Saudi Public Investment Fund (PIF) and the Korean firm AhnLab is set to bring advanced cybersecurity solutions to the Saudi market.
The joint venture (JV), in which Saudi Information Technology Co. (SITE) will hold a 75 percent stake and AhnLab will hold a 25 percent stake, is expected to launch in the first half of 2024, pending regulatory approvals and meeting certain commercial conditions.
The CEO of SITE, Saad Al-Aboodi, highlighted the importance of localizing top-tier cybersecurity technologies in Saudi Arabia to meet the growing demands of the market.
Furthermore, the JV will market and localize AhnLab’s cybersecurity solutions, including their cloud and AI-based platform, which helps customers prioritize and manage cyber risks by collecting and analyzing system logs.
The partnership also has future plans to expand its services, including generative AI security, to the Middle East and North Africa region.
For his part, Suk-Kyoon Kang, CEO of AhnLab, expressed the intention to collaborate and tailor their technologies to the specific needs of the Middle East markets.
Moreover, as part of the partnership, SITE Ventures will acquire a 10 percent stake in AhnLab. The investment amount is approximately SAR206 million ($54.92 million), with a payment due date of June 27.
This venture further aligns with SITE’s goal of contributing to cybersecurity innovation, cloud computing, software development, and human capital development in Saudi Arabia through national capabilities and international partnerships.
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