WISeKey Arabia Joint Venture with Juffali Group Becomes a Key Player in Saudi Arabia's Cybersecurity and Digital Transformation Process
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Insights
The strategic collaboration between WISeKey International Holding Ltd. and E.A. Juffali & Brothers through the WISeKey Arabia joint venture is a significant development in the cybersecurity landscape of the Middle East, particularly in Saudi Arabia. This partnership is poised to enhance the Kingdom's cybersecurity defenses, a critical component given the increasing prevalence of cyber threats globally. The joint venture's alignment with Saudi Arabia's Vision 2030 underscores the importance of secure digital infrastructure as a foundation for economic diversification and sustainability.
The cybersecurity solutions provided by WISeKey Arabia could potentially mitigate risks associated with digital transformation, such as data breaches and cyber-attacks, which can have substantial financial implications for businesses and the economy at large. The expertise brought by WISeKey in cybersecurity and digital identity, combined with Juffali Group's regional knowledge, creates a robust proposition for protecting the burgeoning digital ecosystem in Saudi Arabia.
The establishment of WISeKey Arabia aligns with the broader economic objectives of Saudi Arabia, as outlined in Vision 2030, to reduce oil dependency and diversify into technology and innovation-driven sectors. The focus on developing a sustainable technology manufacturing hub, particularly in semiconductors and space industries, represents a forward-looking effort to reposition the Saudi economy. The Public Investment Fund's initiative to create Alat for advanced manufacturing sectors is expected to contribute significantly to the non-oil GDP and generate employment opportunities.
The economic impact of this joint venture extends beyond cybersecurity, as it facilitates a secure environment that is conducive to attracting investments and fostering innovation. This is particularly pertinent in light of the Kingdom's strategic pivot towards becoming a global hub for technology manufacturing. The creation of direct jobs and the emphasis on technological innovation are key indicators of Saudi Arabia's commitment to economic transformation and long-term resilience.
WISeKey Arabia's role in Saudi Arabia's digital transformation is not limited to cybersecurity. It extends to fostering innovation and attracting investments across a wide range of sectors, including retail, healthcare and smart cities. This diversification is critical for the Kingdom's aim to become a regional leader in digital services and sustainable technology manufacturing. The joint venture's focus on secure communication and IoT infrastructure is particularly relevant, as these are foundational elements for the development of smart cities and advanced industrial sectors.
The market opportunities for WISeKey Arabia are substantial, given the Kingdom's ambitious goals and the pivotal role of digital infrastructure in achieving them. The emphasis on localizing cybersecurity and IoT offerings can provide a competitive edge to Saudi Arabia, potentially leading to increased market share for WISeKey Arabia in the region. This joint venture is a strategic move that could redefine the competitive dynamics within the Middle East's cybersecurity and digital services market.
GENEVA and Riyadh , Feb. 16, 2024 (GLOBE NEWSWIRE) -- WISeKey International Holding Ltd. (“WISeKey”) (SIX: WIHN, NASDAQ: WKEY), leader in cybersecurity, digital identity, and Internet of Things (IoT) solutions operating as a holding company, today announced that its “WISeKey Arabia” joint venture with E.A. Juffali & Brothers (“Juffali Group”) has become a key player in Saudia Arabia's cybersecurity and digital transformation process by providing state-of-the-art cybersecurity solutions, secure communication, and IoT infrastructure.
In 2019, WISeKey established WISeKey Arabia, a joint venture with Saudi Advanced Technologies company Ltd, a wholly owned company of Juffali Group aiming to localize cybersecurity and IoT offerings in the Middle East. Since its establishment, the WISeKey Arabia joint venture, has been at the forefront of effort to enhance Saudi Arabia's cybersecurity and digital infrastructure capabilities. The joint venture not only supports the Kingdom's digital transformation but also enhances its competitive edge by attracting investments and fostering innovation within the digital economy.
WISeKey Arabia joint venture goal aligns with the Kingdom's Vision 2030, emphasizing the importance of cybersecurity and digital infrastructure in building a diversified and sustainable economy. https://www.nasdaq.com/press-release/wisekey-established-wisekey-arabia-a-jv-with-saudi-advanced-technologies-company-ltd.
The joint venture has been instrumental in propelling the Kingdom towards achieving its ambitious goals outlined in Vision 2030, by leveraging WISeKey's global expertise in cybersecurity and digital technologies alongside Juffali Group's deep market knowledge and strong local presence.
Saudi Arabia's ambitious move towards becoming a global hub for sustainable technology manufacturing, particularly through its sovereign wealth fund's focus on semiconductor and space industries, marks a significant shift in the kingdom's economic diversification efforts. The establishment of Alat by the Public Investment Fund (PIF) underlines a strategic pivot towards advanced manufacturing sectors, aiming to reduce the economy's oil dependency while fostering technological innovation and job creation within the Kingdom.
This initiative reflects a broader trend of Gulf countries leveraging their wealth funds to invest in future-oriented industries, aiming to secure their positions in the global economic landscape beyond the oil era. The focus on manufacturing products across a wide range of advanced technology sectors, including semiconductors, smart appliances, health devices, and next-generation infrastructure, signifies a comprehensive approach to building a resilient, diversified economy.
The creation of 39,000 direct jobs and a projected
Saudi Arabia's commitment to improving its digital infrastructure and expanding high-speed broadband coverage, as part of Vision 2030, is crucial for attracting investments and enhancing the competitiveness of its economy. This strategic direction, supported by significant investments in technology and innovation, presents a transformative opportunity for the kingdom to position itself as a leader in sustainable technology manufacturing and digital services in the region and beyond.
WISeKey Arabia has quickly established itself as a key player in the Kingdom, focusing on critical sectors for Saudi Arabia's future growth. These include retail, financial transactions, automotive, smart cities, consumer products, healthcare, smart cards, industrial, transportation, and IT infrastructure.
As Saudi Arabia continues to prioritize the development of a sophisticated digital infrastructure, WISeKey Arabia is poised to play a pivotal role in this transformation, ensuring secure and advanced digital services across multiple sectors. This initiative is a testament to the effective collaboration between international technology firms and local industry leaders, driving forward Saudi Arabia's vision for a digital future.
About A Juffali & Brothers.
E. A. Juffali & Brothers was established in 1946. Over the last seven decades, Juffali Group has been a key contributor for Saudi Arabia's modern economy, setting up the electric power supply and telecommunications to some of Saudi Arabia's major cities, during the initial development of the Kingdom. Over the years Juffali Group has developed partnerships with world-leading companies across many sectors.
About WISeKey
WISeKey International Holding Ltd (“WISeKey”, SIX: WIHN; Nasdaq: WKEY) is a global leader in cybersecurity, digital identity, and IoT solutions platform. It operates as a Swiss-based holding company through several operational subsidiaries, each dedicated to specific aspects of its technology portfolio. The subsidiaries include (i) SEALSQ Corp (Nasdaq: LAES), which focuses on semiconductors, PKI, and post-quantum technology products, (ii) WISeKey SA which specializes in RoT and PKI solutions for secure authentication and identification in IoT, Blockchain, and AI, (iii) WISeSat AG which focuses on space technology for secure satellite communication, specifically for IoT applications, and (iv) WISe.ART Corp which focuses on trusted blockchain NFTs and operates the WISe.ART marketplace for secure NFT transactions.
Each subsidiary contributes to WISeKey’s mission of securing the internet while focusing on their respective areas of research and expertise. Their technologies seamlessly integrate into the comprehensive WISeKey platform. WISeKey secures digital identity ecosystems for individuals and objects using Blockchain, AI, and IoT technologies. With over 1.6 billion microchips deployed across various IoT sectors, WISeKey plays a vital role in securing the Internet of Everything. The company’s semiconductors generate valuable Big Data that, when analyzed with AI, enable predictive equipment failure prevention. Trusted by the OISTE/WISeKey cryptographic Root of Trust, WISeKey provides secure authentication and identification for IoT, Blockchain, and AI applications. The WISeKey Root of Trust ensures the integrity of online transactions between objects and people. For more information on WISeKey’s strategic direction and its subsidiary companies, please visit www.wisekey.com.
Press and investor contacts:
WISeKey International Holding Ltd
Carlos MoreiraChairman & CEO
Tel: +41 22 594 3000 / info@wisekey.com
WISeKey Investor Relations (US)
The Equity Group Inc.
Lena Cati
Tel: +1 212 836-9611 / lcati@equityny.com
Katie Murphy
Tel: +1 212 836-9612 / kmurphy@equityny.com
Disclaimer:
This communication expressly or implicitly contains certain forward-looking statements concerning WISeKey International Holding Ltd and its business. Such statements involve certain known and unknown risks, uncertainties and other factors, which could cause the actual results, financial condition, performance or achievements of WISeKey International Holding Ltd to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. WISeKey International Holding Ltd is providing this communication as of this date and does not undertake to update any forward-looking statements contained herein as a result of new information, future events or otherwise.
This press release does not constitute an offer to sell, or a solicitation of an offer to buy, any securities, and it does not constitute an offering prospectus within the meaning of the Swiss Financial Services Act (“FinSA”), the FInSa’s predecessor legislation or advertising within the meaning of the FinSA. Investors must rely on their own evaluation of WISeKey and its securities, including the merits and risks involved. Nothing contained herein is, or shall be relied on as, a promise or representation as to the future performance of WISeKey.
FAQ
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How does the establishment of Alat by the Public Investment Fund (PIF) contribute to Saudi Arabia's economic goals?
