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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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Oil Edges Up on Strong US GDP Data

A pumpjack brings oil to the surface in the Monterey Shale, California, US April 29, 2013. REUTERS/Lucy Nicholson/File Photo
A pumpjack brings oil to the surface in the Monterey Shale, California, US April 29, 2013. REUTERS/Lucy Nicholson/File Photo
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Oil Edges Up on Strong US GDP Data

A pumpjack brings oil to the surface in the Monterey Shale, California, US April 29, 2013. REUTERS/Lucy Nicholson/File Photo
A pumpjack brings oil to the surface in the Monterey Shale, California, US April 29, 2013. REUTERS/Lucy Nicholson/File Photo

Oil prices were up slightly on Friday on stronger-than-expected US economic data that raised investor expectations for increasing crude oil demand from the world's largest energy consumer.

But concerns about soft economic conditions in Asia's biggest economies, China and Japan, capped gains.

Brent crude futures for September rose 7 cents to $82.44 a barrel by 0014 GMT. US West Texas Intermediate crude for September increased 4 cents to $78.32 per barrel, Reuters reported.

In the second quarter, the US economy grew at a faster-than-expected annualised rate of 2.8% as consumers spent more and businesses increased investments, Commerce Department data showed. Economists polled by Reuters had predicted US gross domestic product would grow by 2.0% over the period.

At the same time, inflation pressures eased, which kept intact expectations that the Federal Reserve would move forward with a September interest rate cut. Lower interest rates tend to boost economic activity, which can spur oil demand.

Still, continued signs of trouble in parts of Asia limited oil price gains.

Core consumer prices in Japan's capital were up 2.2% in July from a year earlier, data showed on Friday, raising market expectations of an interest rate hike in the near term.

But an index that strips away energy costs, seen as a better gauge of underlying price trends, rose at the slowest annual pace in nearly two years, suggesting that price hikes are moderating due to soft consumption.

China, the world's biggest crude importer, surprised markets for a second time this week by conducting an unscheduled lending operation on Thursday at steeply lower rates, suggesting authorities are trying to provide heavier monetary stimulus to prop up the economy.