SITE and South Korea’s AhnLab join forces to advance cybersecurity tech in MENA

PIF-owned Saudi Information Technology Company (SITE), and its subsidiary SITE Ventures, have entered a SAR 500+ million dual investment with AhnLab Inc., a South Korea-based firm, to co-invest in the deployment and localization of multiple cybersecurity technologies in Saudi Arabia and the wider Middle East and North Africa.

 

As part of the joint venture, the parties have established a research and development initiative to facilitate and gain access to leading technical knowledge and capabilities. Meanwhile, SITE Ventures is acquiring a 10% stake in AhnLab through a capital increase. Upon completion, these agreements will pave the way for the partners to create a platform to develop innovative products to meet evolving demands.

 

Dr. Saad Alaboodi, CEO of SITE, said: “This new investment is one of many that SITE is developing. We recognize our national strategic role to localize top-tier cybersecurity technologies in our country and the region as a whole, to address the ever-growing market dynamics and demands, while maintaining the highest standards of excellence for our clients in both the public and private sectors in the Kingdom and the region.”

 

Suk-Kyoon Kang, CEO of AhnLab, said: “The establishment of this joint venture signifies a long-term cooperation based on the competitive strengths of both companies to grow together in the MENA region. Through the new JV, we expect to jointly tailor our cybersecurity technologies to the needs of the MENA market, including Saudi Arabia, and accelerate global growth.”

 

The partnership aligns with PIF’s initiative to develop Saudi Arabia’s innovation capabilities and localization, while supporting the country’s aim to become a globally competitive technology hub.