Saudi (SITE) collaborates with Korean company Anlab to develop cybersecurity
(MENAFN) In a significant move towards bolstering cybersecurity capabilities in Saudi Arabia and the wider region, the Saudi Information technology Company (SITE), a subsidiary of the Public investment Fund, has announced a substantial investment agreement with Anlab, a renowned Korean cybersecurity firm. This strategic partnership, valued at over 500 million riyals (approximately 133.3 million USD), aims to localize and advance cutting-edge cybersecurity technologies within the Kingdom, as well as across the broader Eastern, Middle Eastern, and North African regions.
The agreement facilitates the transfer of advanced cybersecurity solutions, including Extended Detection and Response technology, firewalls, intrusion detection systems, and more, to cater to the needs of both local and regional markets. Aligned with SITE’s national and investment objectives, this collaboration underscores a concerted effort to fortify cyber defenses amidst evolving threats.
Furthermore, the partnership extends beyond technology transfer, encompassing a joint research and innovation initiative aimed at domesticating sophisticated cyber capabilities and technologies within Saudi Arabia. This forward-looking approach reflects a commitment to staying abreast of rapid developments across various facets of cybersecurity.
Under the terms of the agreement, SITE, operating through its subsidiary "SITE Projects," secures a 10 percent equity stake in Anlab through a capital injection. This investment not only solidifies the collaboration between the two entities but also lays the groundwork for expanded avenues of investment and research cooperation. As articulated by the Saudi Press Agency, this joint endeavor holds promise for fostering mutual growth and enhancing cybersecurity resilience in the region.
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