The Saudi Arabian market is to welcome a new player in the cybersecurity solutions field through a venture established by a Public Investment Fund-owned company alongside Korean security solutions business AhnLab.
Saudi Information Technology Co, also known as SITE, will hold a 75% stake in the local joint venture to be set up in the Kingdom, with AhnLab holding the remaining 25%.
The new entity is expected to be launched during the first half of 2024.
The JV will market, offer, and localise AhnLab’s cybersecurity solutions and services to clients in Saudi Arabia. This includes the company’s cloud and artificial intelligence-based platform, which collects and analyses logs from various systems, aiding customers in prioritizing and managing cyberrisks.
The partnership also aims to expand the new company’s services, including generative AI security, to the Middle East and North Africa region in the future.
AhnLab says it develops industry-leading information security solutions and services for consumers, enterprises, and small and medium businesses worldwide. Its comprehensive security lineup includes proven, world-class antivirus products for desktops and servers, mobile security products, online transaction security products, network security appliances, and consulting services.
SITE contributes, through its national capabilities and international partnerships, to the development of secure-by-design, innovative offerings in cybersecurity, cloud computing, systems integration, and human capital development.
Suk-Kyoon Kang, CEO of AhnLab, says: “Through the new JV, we expect to jointly tailor our technologies, such as cybersecurity, cloud and AI, to the needs of the markets of the Middle East, including Saudi Arabia, and accelerate global growth.”
