An investment exceeding 500 million riyals.. Saudi “SITE” acquires 10% of a company specializing in cybersecurity

The agreement allows the two partners to transfer advanced cybersecurity technologies, such as:

• Extended Detection and Response technology
• Firewalls
• Intrusion Detection Systems, and others, to customers in local and regional markets, in line with SITE’s national and investment goals.

The partnership also included laying the foundation for implementing a joint research and innovation initiative to localize advanced cyber capabilities and technologies in the Kingdom, out of a desire to keep pace with rapid developments in various areas of cybersecurity.

SITE – through its company “SITE Projects” – acquires a 10 percent stake in Anlab through a capital increase, as this joint investment will pave the way for the two partners to expand ways of investment and research cooperation, according to the Saudi Press Agency.

For his part, CEO of SITE, Dr. Saad Al-Aboudi, said: “SITE has a pivotal strategic role in the Kingdom that includes, among its objectives, stimulating and accelerating investment and growth in the cybersecurity sector and localizing its advanced technologies locally.”

He added, “Our partnership with Anlab, the world leader in this field, is the result of continuous strategic efforts in accordance with the company's expansion strategy, to achieve leadership and technical sovereignty locally and internationally in accordance with the goals of the Kingdom's Vision 2030, cover the needs of local and regional markets, and maintain the highest standards of excellence for our clients from the public and private sectors.”

For his part, Anlab CEO Suk-Keun Kang explained that this partnership leads to long-term cooperation based on the competitive strengths of both companies, under a common goal of developing the cybersecurity sector in the Kingdom and the region.

He said, “We are confident that this partnership will meet the growing demand for secure cybersecurity technologies and accelerate global growth in this industry.”