The Public Investment Fund’s (PIF) is looking to set up a joint venture with AhnLab of South Korea to develop and localise cybersecurity technologies in the kingdom. Reports suggest that Saudi Information Technology Company (Site) and its subsidiary, Site Ventures, will invest $133 million in this JV. The aim is to carry out research and development.
The report stated that Site will own close to 75 per cent of the new venture, while AhnLab will hold a 25 per cent stake. The company is expected to launch within the first half of this year.
Site Ventures will acquire a 10 per cent stake in AhnLab to strengthen the business cooperation further. Dr Saad Alaboudi, CEO of Site, stated that localising cybersecurity technologies will address the region’s growing market needs.
This JV will also tailor AhnLab’s cybersecurity technologies to the region’s needs and accelerate global growth, according to Suk-Kyoon Kang, CEO, AhnLab. Saudi Arabia is also all set to create a $40 billion fund focused on investing in artificial intelligence.
The report said Saudi officials have expressed interest in supporting chip makers and data centres, which are increasingly necessary to power the next generation of computing. They have even considered starting PIF’s own AI companies.
