“SITE,” the Saudi information technology leader affiliated with the Public Investment Fund (PIF), announced a significant investment agreement with the Korean cybersecurity specialist “AhnLab.” This deal, valued at over 500 million Saudi Riyals, aims to bring and enhance advanced cybersecurity technologies within the Kingdom of Saudi Arabia and expand their reach across the Middle East and North Africa, according to the “WAS” agency.
The agreement empowers both partners to transfer leading cybersecurity technologies to local and regional customers. These technologies include extended detection and response systems, firewalls, and intrusion detection systems, among others, aligning with “SITE’s” strategic objectives.
As part of this partnership, a foundation has been laid for a joint research and innovation initiative aimed at localizing advanced cybersecurity expertise and technologies within the kingdom to keep pace with the rapid development in various cybersecurity fields.
“SITE,” through its subsidiary “SITE Ventures,” will acquire a 10% stake in “AhnLab” through a capital increase, allowing both parties to broaden their investment and research cooperation.
Dr. Saad bin Saleh Al-Aboudi, the CEO of “SITE,” highlighted the importance of this collaboration, noting “SITE’s” strategic role in driving investment and development in the cybersecurity sector and localizing advanced technologies in the field within the kingdom. He added that the partnership with “AhnLab,” a global leader in cybersecurity, represents a strategic step in “SITE’s” efforts to achieve technological leadership locally and internationally. This aligns with the goals of Saudi Vision 2030 and meets the regional and local market needs while maintaining the highest quality standards for its public and private sector clients.
Suk-Kyoon Kang, the CEO of “AhnLab,” praised the partnership, emphasizing that it strengthens long-term cooperation between the two companies based on their competitive strengths. The goal is to develop the cybersecurity sector in the kingdom and the region as a whole. He expressed confidence that this cooperation would meet the increasing demand for secure cybersecurity solutions and support the global growth of the industry.
