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Saudi SITE Acquires 10% Stake in South Korea’s AhnLab

The signing ceremony of the joint venture between Saudi Arabia’s SITE and South Korea’s AhnLab (Supplied)
The signing ceremony of the joint venture between Saudi Arabia’s SITE and South Korea’s AhnLab (Supplied)
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Saudi SITE Acquires 10% Stake in South Korea’s AhnLab

The signing ceremony of the joint venture between Saudi Arabia’s SITE and South Korea’s AhnLab (Supplied)
The signing ceremony of the joint venture between Saudi Arabia’s SITE and South Korea’s AhnLab (Supplied)

AhnLab, a leading cybersecurity company based in South Korea, has announced its partnership with the Saudi Information Technology Company (SITE), a security and cloud service enterprise fully funded by Saudi Arabia’s Public Investment Fund (PIF), to establish a joint venture (JV) focused on cybersecurity.

Under the deal, SITE will acquire a 10% share of AhnLab for $55.3 million.

In an official statement, the companies announced that AhnLab will hold a 25% stake in the JV, with SITE holding the remaining 75%. The companies aim to complete the establishment of the JV within the first half of this year through joint investment.

This strategic move by AhnLab marks its expansion into the Middle East and North Africa region, leveraging the partnership with SITE. The JV is poised to offer AhnLab’s state-of-the-art security solutions, including the cloud and AI-based SaaS security threat analysis platform AhnLab XDR, to local government agencies and businesses in Saudi Arabia.

Additionally, the JV plans to provide AhnLab’s solutions and services in network security products to further strengthen cyber defenses in the region.

This partnership aims to expand cybersecurity services in the Middle East and North Africa, tapping into SITE’s strong market presence in Saudi Arabia. They plan to offer advanced solutions like AI-driven security and IoT protection in the future.

Sukkyoon Kang, CEO of AhnLab, expressed optimism about the JV.

“This JV establishment signifies a long-term collaboration based on the strengths of both companies to grow together in the Middle East region,” he said.

“Through this venture, we anticipate showcasing AhnLab’s cyber security, cloud, and AI capabilities in the Middle East, driving global revenue growth,” added the CEO.

On his part, Saad Al-Aboodi, CEO of SITE, said: “This 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, to address the ever-growing market dynamics and demands while maintaining the highest standards of excellence to our clients in both the public and private sector,” he added.

Established in 2017, SITE aims to enhance local content and secure national infrastructure through digital and cybersecurity solutions, contributing to a sustainable knowledge-based economy.

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Saudi Arabia's Non-Oil Exports Hit Historic High of SAR515 Billion in 2024

A night view of Riyadh, Saudi Arabia. (SPA)
A night view of Riyadh, Saudi Arabia. (SPA)
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Saudi Arabia's Non-Oil Exports Hit Historic High of SAR515 Billion in 2024

A night view of Riyadh, Saudi Arabia. (SPA)
A night view of Riyadh, Saudi Arabia. (SPA)

Saudi Arabia's non-oil exports reached an unprecedented SAR515 billion in 2024, marking the highest value in the Kingdom's history. This achievement represents a significant 13% increase compared to the previous year and an impressive growth of over 113% since the launch of Vision 2030.

The robust growth spanned all export sectors. Merchandise exports climbed to SAR217 billion (+4%), fueled by respective increases of 2% and 9% in petrochemical and non-petrochemical exports, reported the Saudi Press Agency on Saturday.

Re-exports surged to SAR90 billion, demonstrating a remarkable 205% growth since the inception of Vision 2030. Services exports also reached an all-time high of SAR207 billion, exhibiting a 14% year-on-year increase and a substantial 220% rise since Vision 2030's announcement.

Saudi Export Development Authority CEO Abdulrahman Althukair attributed this historic non-oil export performance to the Kingdom's sustained efforts in economic diversification and enhancing the competitiveness of national products.

He highlighted the authority's commitment to facilitating national companies' access to new markets and bolstering their export capabilities through comprehensive programs encompassing training, empowerment, promotion, and advisory services. This aligns with Vision 2030's goals to establish a thriving economy where non-oil exports are a key driver of sustainable growth.

In 2024, petrochemical commodity exports amounted to SAR149 billion, constituting 68% of total commodity exports, and registered a 2% increase in value and weight compared to the previous year.

Non-petrochemical commodity exports achieved a remarkable SAR69 billion (32% of total commodity exports), the highest value in recent years. This included record export figures for over 205 Saudi products, such as food and dairy products, minerals, and building materials. Fertilizer exports also demonstrated exceptional growth, with product weight reaching a historic peak in 2024, increasing by 5% year-on-year, and more than fivefold in value since the launch of Vision 2030.

The Kingdom's re-export sector also delivered a historic performance in 2024, reaching SAR90 billion, a 205% increase compared to 2016, a 42% rise year-on-year, and a 114% increase compared to 2019. This was primarily driven by the re-export of mobile phones, which reached a record value of SAR25 billion, more than doubling their 2023 value. The operation of the integrated logistics zone at King Khalid International Airport played a significant role in this remarkable growth by enhancing supply chain efficiency and facilitating re-export operations.

Machinery, automated devices, transportation equipment, and parts thereof constituted 84% of total re-exports in 2024. Re-exports of aircraft parts also experienced substantial growth, increasing from SAR1.6 billion in 2022 to over SAR2 billion in 2024.

In 2024, the Kingdom exported goods, re-exports, and services to over 180 countries, with 37 countries registering record import values, including the UAE, Bahrain, Iraq, Oman, Algeria, Spain, France, Poland, Libya, and Syria. Other countries, such as Indonesia, Thailand, Morocco, Pakistan, Nigeria, Germany, Greece, and Bulgaria, also achieved record import volumes.

Services exports reached a record SAR207 billion in 2024, marking a 14% year-on-year increase and a 220% rise since 2016. The travel and tourism sector was a key driver, increasing by 270% since 2016. In 2024, Saudi Arabia welcomed approximately 30 million international tourists, contributing to a 150% increase in travel exports compared to 2019, representing 74% of total service exports.

The Kingdom also recorded a 69% increase in international tourist numbers compared to pre-pandemic levels and a 148% increase in tourism revenues compared to 2019. Saudi Arabia led the G20 in tourist number growth, with a 73% growth rate during the first seven months of 2024 compared to the same period in 2019. The transportation sector contributed 12% of total service exports, achieving a 5% year-on-year growth.