• The Saudi market is set to advance with the introduction of cutting-edge cybersecurity solutions, thanks to a new collaboration between a Public Investment Fund-owned company and South Korean firm AhnLab. Saudi Information Technology Co., or SITE, will hold a majority stake of 75 percent in the local joint venture to be established in the Kingdom, with AhnLab holding the remaining 25 percent, as outlined in a press release. The launch of the new entity is anticipated in the first half of 2024, subject to regulatory approvals and commercial conditions.

• Saad Al-Aboodi, CEO of SITE, expressed enthusiasm about the joint venture, stating, “This new venture is one of several ambitious investments that SITE is pursuing." He emphasized SITE's strategic role in localizing top-tier cybersecurity technologies in Saudi Arabia and the broader region to meet the evolving market dynamics and demands while upholding exceptional standards of service for clients in both the public and private sectors. The joint venture will focus on marketing, offering, and localizing AhnLab’s cybersecurity solutions and services to clients in Saudi Arabia, including its cloud and AI-based platform designed to analyze system logs and manage cyber risks effectively.