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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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FILE PHOTO: A general view shows Marathon Petroleum's oil refinery, following Russia's invasion of Ukraine, in Anacortes, Washington, US, March 9, 2022. REUTERS/David Ryder/File Photo
FILE PHOTO: A general view shows Marathon Petroleum's oil refinery, following Russia's invasion of Ukraine, in Anacortes, Washington, US, March 9, 2022. REUTERS/David Ryder/File Photo
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Oil Tumbles Further as US-China Trade Tensions Fuel Recession Fears

FILE PHOTO: A general view shows Marathon Petroleum's oil refinery, following Russia's invasion of Ukraine, in Anacortes, Washington, US, March 9, 2022. REUTERS/David Ryder/File Photo
FILE PHOTO: A general view shows Marathon Petroleum's oil refinery, following Russia's invasion of Ukraine, in Anacortes, Washington, US, March 9, 2022. REUTERS/David Ryder/File Photo

Oil prices extended last week's losses on Monday, with WTI falling more than 4%, as escalating trade tensions between the United States and China stoked fears of a recession that would reduce demand for crude.

Brent futures declined $2.54, or 3.9%, to $63.04 a barrel at 0745 GMT, while US west Texas Intermediate crude futures lost $2.5, or 4.03%, to $59.49. Both benchmarks dropped their lowest since April 2021.

Oil plunged 7% on Friday as China ramped up tariffs on US goods, escalating a trade war that has led investors to price in a higher probability of recession. Last week, Brent lost 10.9%, while WTI dropped 10.6%.

"It's hard to see a floor for crude unless the panic in the markets subsides and it's hard to see that happening unless Trump says something to arrest snowballing fears over a global trade war and recession," said Vandana Hari, founder of oil market analysis provider Vanda Insights.

Responding to US President Donald Trump's tariffs, China said on Friday it would impose additional levies of 34% on American goods, confirming investor fears that a full-blown global trade war is underway.

Imports of oil, gas and refined products were given exemptions from Trump's sweeping new tariffs, but the policies could stoke inflation, slow economic growth and intensify trade disputes, weighing on oil prices.

Federal Reserve Chair Jerome Powell said on Friday that Trump's new tariffs are "larger than expected," and the economic fallout including higher inflation and slower growth likely will be as well.

Adding to the downward momentum, the Organization of the Petroleum Exporting Countries and allies (OPEC+) decided to advance plans for output increases. The group now aims to return 411,000 barrels per day (bpd) to the market in May, up from the previously planned 135,000 bpd.

"This potential influx of supply, reversing cuts maintained over the past two years, represents a major shift in market dynamics and acts as a significant headwind for prices," said Sugandha Sachdeva, founder of SS WealthStreet, a New Delhi-based research firm.

Over the weekend, top OPEC+ ministers stressed the need for full compliance with oil output targets and called for overproducers to submit plans by April 15 to compensate for pumping too much.

On the geopolitical front, Iran on Sunday rejected US demands that it hold direct nuclear talks or face strikes. Russia claimed to have captured Basivka in Ukraine's Sumy region and said its forces were attacking multiple nearby settlements.