Saudi Firms and Korean Cybersecurity Titan Forge Partnership | Kanebridge News
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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.

Thu, Apr 4, 2024 4:36pmGrey Clock < 1 min

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.



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Preparatory Work for UAE to Oman Hafeet Rail Project Commences at Full Speed

Preparations have begun on the transformative UAE to Oman Hafeet Rail network, revealing significant construction details during a site visit.

Thu, May 16, 2024 3 min

The $3bn Hafeet Rail project between the UAE and Oman will feature 60 bridges and a 2.5km tunnel, making it an “architectural and engineering marvel,” according to CEO Ahmed Al Musawa Al Hashemi.

Hafeet Rail has announced that preparatory work is moving full speed ahead for constructing the transformative railway link between the UAE and Oman. This announcement was made during a site visit attended by key officials, members of the Asyad and Hafeet Rail executive management teams, project contractors, and consultants.

Key Highlights

During the visit, attendees were introduced to the main components of the project, including passenger, repair, and shipping stations, as well as major bridges and tunnel sites.

The Hafeet Rail project is set to play a very important role in enhancing local and regional trade, unlocking new opportunities in the infrastructure, transportation, and logistics sectors, and fostering economic diversification. It will also strengthen bilateral relations between the UAE and Oman.

The project will involve constructing 60 bridges, some reaching heights of up to 34 meters, and tunnels extending 2.5 kilometres. The Hafeet Rail team showcased the latest rail technologies and innovative engineering and architectural solutions designed to navigate the challenging geographical terrain and weather conditions while maintaining high standards of efficiency and safety.

The rail network will boost various industrial sectors and economic activities and significantly impact the tourism industry by facilitating easier and faster travel between the two countries.

Ahmed Al Bulushi, Asyad Group Chief Executive Asset, noted that the project’s rapid progress reflects the commitment of the UAE and Oman to developing and realizing the project’s multifaceted benefits.

Investment and Future Impact

Al Bulushi added that investments in developing local capabilities and expertise in rail-related disciplines over recent years have enabled the project to reach the implementation phase successfully under the leadership of highly efficient and professional national talent.

Hafeet Rail’s CEO Ahmed Al Musawa Al Hashemi emphasized, “The commencement of preparatory works for construction is a testament to the robust synergy between all parties involved in both nations, achieving this milestone in record time. We are confidently laying down the right tracks thanks to the shareholders of Hafeet Rail and the expertise of local companies in Oman and the UAE, alongside international partners.”

During the site visit, the visitors explored some of the key preparatory sites, including Wadi Al Jizi, where a 700-meter-long bridge towering 34 meters will be constructed. This ambitious project is envisioned as an architectural and engineering marvel in a complex geographical landscape.

Future phases will require more collaboration, with a continued focus on quality, safety, and environmental considerations in line with the international industry best practices.

The Hafeet Rail project represents the first-of-its-kind railway network linking two Gulf nations, marking a significant shift in regional goods transportation. This efficient and reliable transportation option will reduce dependence on slower and less sustainable road transport.

Hafeet Rail promises a 40% reduction in shipping costs and a 50% in transit times compared to traditional land transportation methods, as it will be connecting five major ports and several industrial and free zones in both countries.

This shift will reduce reliance on road transport by cars and trucks and promote more sustainable shipping practices. The establishment of the railway network will also create significant opportunities for SMEs in construction, engineering, and logistics support, acting as a catalyst for economic growth and innovation within the domestic economy.

By linking major ports, the Hafeet Rail project will enable local SMEs to import, export, and distribute their products more effectively, enhancing their market reach and global competitiveness.

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