Riyadh – Mubasher: Saudi Aramco and the Saudi Information Technology Company (SIT) has signed a memorandum of understanding (MoU) to create an Information and Communication Technology Investment Company.
The new joint venture (JV) will be launched to invest in commercial enterprises in the information, communication, and technology sector, according to state-owned newspaper Saudi Gazette.
The JV with SIT "will provide training and employment to Saudi nationals, as well as support the growth of small and medium-sized enterprises (SMEs) active in the ICT sector in Saudi Arabia and the GCC market,” Saudi Aramco vice president of Information Technology Yousef Al-Ulyan said.
The new company will develop a platform to invest in companies with high growth potential across the GCC, the newspaper added.
“We are exploring promising opportunities with this joint venture that will drive the transformative leap of the digital resilience and technological advancement of the Kingdom and the region,” SIT’s CEO Saad Alaboodi stated.
