Saudi Firms and Korean Cybersecurity Titan Forge Partnership
The Saudi Information Technology Company (SITE), supported by the Public Investment Fund (PIF) and its subsidiary, SITE Ventures, has pledged more than $133 million towards a joint venture with AhnLab Inc., a leading cybersecurity company based in the Republic of Korea.
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This investment aims to enhance and localize advanced cybersecurity technologies across the Kingdom of Saudi Arabia and the broader Middle East and North Africa (MENA) region.
Joint Venture and Development Initiatives
A new joint venture (JV) between these entities will focus on adapting cutting-edge cybersecurity solutions for both national and regional needs. Additionally, a collaborative research and development (R&D) initiative has been launched to harness top-tier technical expertise and capabilities, essential for addressing the current market’s evolving requirements.
Expansion and Stake Acquisition
The Saudi Information Technology Company (SITE) Ventures is set to acquire a 10% stake in AhnLab through a capital increase, marking a significant step towards the partnership’s goals. This strategic move, coupled with the comprehensive R&D efforts, is expected to establish a strong foundation for developing innovative cybersecurity products and services, catering to the growing global demand.
Leadership Insights
Dr. Saad Alaboodi, CEO of SITE, emphasized the strategic importance of this investment in localizing advanced cybersecurity technologies within Saudi Arabia and the MENA region. He highlighted SITE’s commitment to meeting the dynamic market demands while upholding excellence for clients in both public and private sectors.
AhnLab CEO Suk-Kyoon Kang expressed optimism about the JV’s potential to foster long-term cooperation and growth in the MENA region, including Saudi Arabia. He looks forward to jointly refining cybersecurity technologies to meet the specific needs of the MENA market and to accelerate global expansion.
Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’
Americans now think they need at least $1.25 million for retirement, a 20% increase from a year ago, according to a survey by Northwestern Mutual
Employment grew for the 16th consecutive month as companies expanded.
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According to a recent PMI report, Qatar experienced its fastest non-energy sector growth in almost two years in June, driven by surges in both existing and new business activities.
The Purchasing Managers’ Index (PMI) headline figure for Qatar reached 55.9 in June, up from 53.6 in May, with anything above 50.0 indicating growth in business activity. Employment also grew for the 16th month in a row, and the country’s 12-month outlook remained robust.
The inflationary pressures were muted, with input prices rising only slightly since May, while prices charged for goods and services fell, according to the Qatar Financial Centre (QFC) report.
This headline figure marked the strongest improvement in business conditions in the non-energy private sector since July 2022 and was above the long-term trend.
The report noted that new incoming work expanded at the fastest rate in 13 months, with significant growth in manufacturing and construction and sharp growth in other sectors. Despite the rising demand for goods and services, companies managed to further reduce the volume of outstanding work in June.
Companies attributed positive forecasts to new branch openings, acquiring new customers, and marketing campaigns. Prices for goods and services fell for the sixth time in the past eight months as firms offered discounts to boost competitiveness and attract new customers.
Qatari financial services companies also recorded further strengthening in growth, with the Financial Services Business Activity and New Business Indexes reaching 13- and nine-month highs of 61.1 and 59.2, respectively. These levels were above the long-term trend since 2017.
Yousuf Mohamed Al-Jaida, QFC CEO, said the June PMI index was higher than in all pre-pandemic months except for October 2017, which was 56.3. “Growth has now accelerated five times in the first half of 2024 as the non-energy economy has rebounded from a moderation in the second half of 2023,” he said.
Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’
Americans now think they need at least $1.25 million for retirement, a 20% increase from a year ago, according to a survey by Northwestern Mutual
