Saudi Arabia’s SITE and South Korea’s AhnLab have announced a strategic partnership valued at over SAR 500 million ($133 million) to advance cybersecurity in the Middle East and North Africa (MENA) region.
Key Highlights:
- Dual Investment: Both companies will invest over SAR 500 million to deploy and localize advanced cybersecurity solutions in Saudi Arabia and the wider MENA region.
- Joint Venture & R&D: A joint venture will be established to facilitate research and development, ensuring access to cutting-edge cybersecurity expertise.
- SITE Ventures Acquires Stake: SITE Ventures, a subsidiary of SITE, will acquire a 10% stake in AhnLab through a capital increase.
- Innovation Hub Alignment: This partnership aligns with Saudi Arabia’s Public Investment Fund’s (PIF) vision to establish the country as a global technology leader by fostering innovation and localization.
Quotes:
- Dr. Saad Alaboodi, CEO of SITE: “This investment underscores our commitment to localize top-tier cybersecurity solutions for the region’s ever-evolving market demands.”
- Suk-Kyoon Kang, CEO of AhnLab: “This joint venture signifies a long-term collaboration to tailor our cybersecurity solutions to the specific needs of the MENA market.”
This collaboration positions both companies to play a significant role in safeguarding the digital landscape across the MENA region.
