{"id":84964,"date":"2024-04-02T00:00:00","date_gmt":"2024-04-02T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/ksa\/2024\/04\/02\/pifs-site-forms-cybersecurity-joint-venture-with-koreas-ahnlab\/"},"modified":"2024-04-02T00:00:00","modified_gmt":"2024-04-02T00:00:00","slug":"pifs-site-forms-cybersecurity-joint-venture-with-koreas-ahnlab","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/ksa\/2024\/04\/02\/pifs-site-forms-cybersecurity-joint-venture-with-koreas-ahnlab\/","title":{"rendered":"PIF\u2019s Site forms cybersecurity joint venture with Korea\u2019s AhnLab"},"content":{"rendered":"

PIF\u2019s <\/strong>Site + Korea\u2019s AhnLab are setting up a cybersecurity joint venture in <\/strong>the Kingdom: <\/strong>Saudi<\/a>Information Technology (Site)<\/a> \u2014 a wholly owned subsidiary of the Public Investment Fund (PIF) \u2014 signed an agreement with South Korean IT solutions provider AhnLab to establish a cybersecurity joint venture, the two said in a joint statement<\/a> yesterday. They\u2019re looking to market cybersecurity solutions to government agencies and the private sector in Saudi and across the region and into North Africa. <\/p>\n

Who owns what? <\/strong>PIF cybersecurity champion Site will hold a 75% stake, while AhnLab hold 25%. The Saudi-headquartered JV should start operations in the first half of this year.<\/p>\n

Localization is the name of the game: <\/strong>The JV will focus on localizing a suite of network security products, including AhnLab\u2019s cloud and AI-based cybersecurity threat analysis package. <\/p>\n

Site Ventures is also buying a 10% stake in AhnLab:<\/strong> Site Ventures, a wholly owned unit of Site, will acquire a stake in the Seoul-based firm through a KRW 74.4 bn (c. USD 55.3 mn) capital injection on 27 June, according to the statement.<\/p>\n

What they said: <\/strong>\u201cThis new joint venture is one of many ambitious investments that Site is developing. We recognize our strategic role to localize top-tier cybersecurity technologies in our country and the region as a whole,\u201d Site CEO Saad Al-Aboodi said.<\/p>\n

About Ahnlab: <\/strong>Founded in 1995 Seoul, the Kosdaq-listed company<\/a> offers antivirus software, mobile security, online financial transaction protection, and consulting services to customers ranging from SMEs to global enterprises and governments. <\/p>\n

IN CONTEXT: Saudi has been upping its cybersecurity game: <\/strong>Cyberani<\/a>, a subsidiary of Aramco, recently partnered with French defense electronics provider Thales to bolster local digital infrastructure for cybersecurity, according to a statement<\/a>. <\/p>\n","protected":false},"excerpt":{"rendered":"

Site Ventures is injecting USD 55.3 mn into AhnLab for a 10% stake, due Sunday 27 June<\/p>\n","protected":false},"author":1,"featured_media":84965,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[2794],"tags":[1710,1711,10,1151,1708,1709],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-84964","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cybersecurity","tag-anhlab","tag-cybersecurity","tag-enterpriseam-ksa","tag-public-investment-fund-pif","tag-saudi-information-technology-site","tag-site-ventures","wpautop","entry"],"acf":{"mongo_id":"3536b78d-6bca-46f4-ab63-2f298ecbdf80","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/4\/75.jpg","photo_position":"above","homepage_title":"","full_issue_title":"PIF\u2019s cybersecurity champion Site is doing a joint venture with Korea\u2019s AhnLab","related_issue":[84960],"teaser":"Site Ventures is injecting USD 55.3 mn into AhnLab for a 10% stake, due Sunday 27 June","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/4\/.af0dcf3e-872a-425a-b569-f5adf2585fb9.mp3"},"yoast_head":"\nPIF\u2019s Site forms cybersecurity joint venture with Korea\u2019s AhnLab - 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