عربي English Türkçe اردو فارسى
Logo
Latest News
Business

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)
TT
20
TT

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.

Most Viewed

 
Business

US Close to Several Trade Deals, Announcements to be Made in Next Days, Bessent Says

US Treasury Secretary Scott Bessent speaks to reporters at the US Capitol as Republican lawmakers struggle to pass US President Donald Trump’s sweeping spending and tax bill, on Capitol Hill in Washington, D.C., US, June 27, 2025. REUTERS/Elizabeth Frantz/File Photo
US Treasury Secretary Scott Bessent speaks to reporters at the US Capitol as Republican lawmakers struggle to pass US President Donald Trump’s sweeping spending and tax bill, on Capitol Hill in Washington, D.C., US, June 27, 2025. REUTERS/Elizabeth Frantz/File Photo
TT
20
TT

US Close to Several Trade Deals, Announcements to be Made in Next Days, Bessent Says

US Treasury Secretary Scott Bessent speaks to reporters at the US Capitol as Republican lawmakers struggle to pass US President Donald Trump’s sweeping spending and tax bill, on Capitol Hill in Washington, D.C., US, June 27, 2025. REUTERS/Elizabeth Frantz/File Photo
US Treasury Secretary Scott Bessent speaks to reporters at the US Capitol as Republican lawmakers struggle to pass US President Donald Trump’s sweeping spending and tax bill, on Capitol Hill in Washington, D.C., US, June 27, 2025. REUTERS/Elizabeth Frantz/File Photo

The United States is close to clinching several trade deals ahead of a July 9 deadline when higher tariffs kick in, US Treasury Secretary Scott Bessent said on Sunday, predicting several big announcements in coming days.

Bessent told CNN's "State of the Union" the Trump administration would also send out letters to 100 smaller countries with whom the US doesn't have much trade, notifying them that they would face higher tariff rates first set on April 2 and then suspended until July 9.

"President Trump's going to be sending letters to some of our trading partners saying that if you don't move things along, then on August 1 you will boomerang back to your April 2 tariff level. So I think we're going to see a lot of deals very quickly," Bessent said.

Bessent denied that August 1 was a new deadline for negotiations. "We are saying this is when it's happening. If you want to speed things up, have at it. If you want to go back to the old rate, that's your choice," he told CNN, Reuters reported.

The US Treasury chief said the Trump administration was focused on 18 important trading partners that account for 95% of the US trade deficit. But he said there had been "a lot of foot-dragging" among countries in getting closure on a trade deal.

He declined to name countries that were close to a trade agreement, adding, "because I don't want to let them off the hook."

Trump has repeatedly said India is close to signing a deal and expressed hope that an agreement could be reached with the European Union, while casting doubt on a deal with Japan.

Since taking office, the US president has set off a global trade war that has upended financial markets and sent policymakers scrambling to guard their economies, including through deals with the US and other countries.

Trump on April 2 announced a 10% base tariff rate and additional amounts for most countries, some ranging as high as 50%. The news roiled financial markets, prompting Trump to suspend all but the 10% base rate for 90 days to allow more time for negotiations to secure deals, but the process has proven more challenging than expected.

That period ends on July 9, although Trump early on Friday said the tariffs could be even higher - ranging up to 70% - with most set to go into effect August 1.

Bessent, asked about the 70% rate, referred back to the April 2 list, but that did not include such high rates.