Skip to content Skip to Search
Skip navigation

PIF entities invest $133m in South Korea’s AhnLab

Site Ventures, a unit of PIF-owned Site, will acquire a 10% stake in South Korea's AhnLab AhnLab Inc
Site Ventures, a unit of PIF-owned Site, will acquire a 10% stake in South Korea's AhnLab

A technology subsidiary of the Public Investment Fund (PIF) will set up a joint venture with South Korea’s AhnLab to develop and localise multiple cybersecurity technologies in Saudi Arabia.

Saudi Information Technology Company (Site) and its subsidiary, Site Ventures, will invest more than SAR500 million ($133 million) in the venture to carry out research and development, state-run SPA news agency reported.

Site will own 75 percent of the new venture while the remaining 25 percent will be held by the South Korean company, an AhnLab statement said. The company is expected to be launched in the first half of 2024.

In addition, Site Ventures will acquire a 10 percent stake in AhnLab to strengthen its business cooperation.

“This new investment is one of many that Site is developing,” said CEO Dr Saad Alaboudi.

Localising cybersecurity technologies will address the ever-growing market dynamics and demands in the kingdom and the region, he added.

The joint venture will tailor AhnLab’s cybersecurity technologies to the needs of the Mena market, including Saudi Arabia, and accelerate global growth, CEO Suk-Kyoon Kang said.

Last month The New York Times reported that Saudi Arabia plans to create a $40 billion fund to invest in artificial intelligence.

Saudi officials have expressed interest in supporting chip makers and data centres that are increasingly necessary to power the next generation of computing, the report said. They have even considered starting PIF’s own AI companies.

In February PIF governor Yasir Al-Rumayyan said that he expects the kingdom to emerge as a centre for artificial intelligence activities outside the US.

Latest articles

Properties overlooking the bay in Muscat. Property prices in the capital fell more than 5 percent

Oman’s real estate sector continues to slide

Apartment prices in Oman dropped more than 17 percent in the first quarter of 2024, while villa prices rose a meagre 0.8 percent, according to the latest government figures. Residential real estate prices were down across the board quarter on quarter, including those for land. The Musandam region recorded the largest overall decline at 15.7 […]

Shoppers choose vegetables in Istanbul; inflation means people are spending on essentials

Turkish retailers’ confidence wavers as inflation bites

Confidence is falling among Turkish retailers, according to a survey from the country’s statistics agency Turkstat. Shoppers have been scaling back on big-ticket purchases, spending instead on basic consumer goods as inflation piles pressure on household incomes. May’s business confidence report, released by Turkstat on June 24, showed sentiment in the retail sector at its […]

Water is handed out to pilgrims in Mecca. Hundreds of pilgrims without a Hajj permit died during extreme heat last week

Egypt shuts down 16 travel companies after Hajj tragedy

Egypt has withdrawn the operating licences of 16 travel companies for organising unlicensed Hajj trips to Saudi Arabia. A statement from the Egyptian government said the companies would be prosecuted and fined, with the funds used to compensate pilgrims’ families for their loss.  Hundreds of Egyptians were among 1,301 people who died of exposure to […]

A floating production unit in Israel's Karish gas field in the eastern Mediterranean. Carlyle is creating a new oil and gas company to manage the field

New Carlyle entity to manage East Med gas projects

Carlyle, the Nasdaq-listed private equity company, is creating a new oil and gas company to manage recently-acquired assets in the Mediterranean hydrocarbons market. The new as yet un-named entity will be led by former BP CEO Tony Hayward and will manage a portfolio of gas-weighted exploration and production assets in Italy, Egypt and Croatia, according […]