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
Saudi Arabia ranked first among countries for the non-oil exports of national origin with BD201 million (22%)
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Bahrain’s non-oil exports of national origin decreased by 6% to BD894 million ($2.37 billion) in Q2 2024 compared to the same period in 2023. The top 10 countries accounted for 64% of the total export value.
According to the Information & eGovernment Authority (iGA) in its Q2 2024 Foreign Trade report, Saudi Arabia was the leading destination for these exports, totaling BD201 million (22%). The US followed with BD75 million (8.4%), and the UAE with BD73 million (8.2%).
Unwrought aluminum alloys were the top exported product in Q2 2024, amounting to BD267 million (30%), followed by agglomerated iron ores and concentrates alloyed at BD159 million (18%) and non-alloyed aluminum wire at BD49 million (5%).
Non-oil re-exports
Non-oil re-exports increased by 4% to reach BD206 million during Q2 2024, compared to BD198 million for same quarter in 2023. The top 10 countries accounted for 86% of the re-exported value. The UAE ranked first with BD58 million (28%) followed by Saudi Arabia with BD39 million (19%) and UK with BD17 million (8%).
As per the report, turbo-jets worth BD65 million (32%) were the top product re-exported from Bahrain, followed by private cars with BD11 million (5%) and four-wheel drive with BD9 million (4%).
The value of non-oil imports has decreased by 4% reaching to BD1.41 billion in Q2 2024 in comparison with BD1.47 billion for same quarter in 2023. The top 10 countries for imports recorded 68% of the total value of imports.
China Bahrain’s biggest importer
China ranked first for imports to Bahrain, with a total of BD191 million (14%), followed by Brazil with BD157 million (11%) and Australia with BD112 million (8%).
Non-agglomerated iron ores and concentrates were the top product imported to Bahrain worth BD200 million (14%), followed by other aluminum oxide with BD101 million (7%) and parts for aircraft engines with BD41 million (3%).
As for the trade balance, which represents the difference between exports and imports, the deficit logged was BD310 million in Q2 2024 compared to BD322 million in Q2 2023.
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
