PIF Technology Subsidiary and AhnLab Forge Cybersecurity Partnership in KSA

Photo: AhnLab Inc
A subsidiary of the Public Investment Fund (PIF) dedicated to technology is poised to establish a collaborative enterprise with AhnLab, a prominent cybersecurity firm based in South Korea, aimed at cultivating and adapting various cybersecurity technologies within Saudi Arabia.
As per the state-run SPA news agency, Saudi Information Technology Company (Site) and its affiliate, Site Ventures, are committing upwards of SAR500 million ($133 million) towards this joint venture, earmarked for extensive research and development endeavors.
The ownership structure of the venture will see Site holding 75 percent stake, with the remaining 25 percent to be owned by AhnLab, according to a statement by the South Korean company. Anticipated to be operational in the initial half of 2024, this collaboration represents a significant step towards bolstering Saudi Arabia’s cybersecurity landscape.
In addition, Site Ventures will acquire a 10 percent stake in AhnLab to strengthen its business cooperation.
“This new investment is one of many that Site is developing,” said CEO Dr Saad Alaboudi.
Localising cybersecurity technologies will address the ever-growing market dynamics and demands in the kingdom and the region, he added.
The joint venture will tailor AhnLab’s cybersecurity technologies to the needs of the Mena market, including Saudi Arabia, and accelerate global growth, CEO Suk-Kyoon Kang said.