Riyadh — Mubasher: State-run Saudi Aramco announced that it has signed a memorandum of understanding (MoU) with US missile maker Raytheon Company to set up a joint venture (JV) cybersecurity firm in the kingdom.
The new company will market and provide cybersecurity software and hardware capabilities, along with research and development (R&D), the world's largest oil producer added.
Commenting on signing the MoU, Khalid Al-Dabbagh, Aramco’s senior vice president of finance, strategy and development, said, “We are excited about the joint venture which will support the kingdom’s Vision 2030 by creating highly skilled jobs for Saudis in the cybersecurity sector and will support the foundation for Saudi Arabia’s economic development.”
Demand for cybersecurity services is projected to rise as companies are forging ahead with the digital space and embracing cutting-edge technologies such as Internet of Things (IoT) and big data, Al-Dabbagh added.
Dave Wajsgras, president of Raytheon intelligence, information and services, said that the MoU is “an important step in creating a joint venture that we see becoming the cornerstone of cybersecurity defence in the region.”
