Saudi Aramco and Raytheon Company, through its subsidiary Raytheon Saudi Arabia, have signed a Memorandum of Understanding to establish a joint venture company that will develop and provide cybersecurity services in the Kingdom and the region.
The joint venture company will market and provide integrated defensive cybersecurity software and hardware capabilities and perform research and development activities.
“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,” said Saudi Aramco Senior Vice President of Finance, Strategy & Development Khalid H. Al-Dabbagh.
In addition, the JV will increase the cybersecurity protections available to Saudi Aramco, its suppliers, customers and affiliates. It will also help build world-class cyber capabilities in Saudi Arabia and the region.
“Demand for cybersecurity services is expected to grow as companies move further into the digital space and embrace technologies such as Internet of Things and Big Data,” added Al-Dabbagh. “The partnership with Raytheon will help strengthen cybersecurity and enhance its infrastructure in Saudi Arabia and the broader region.”
Dave Wajsgras, president, Raytheon Intelligence, Information and Services, said, “Cybersecurity is critical to national and global security. This MOU is an important step in creating a joint venture that we see becoming the cornerstone of cybersecurity defenses in the region.”