Saudi Aramco and the Saudi Information Technology Company signed an agreement to set up a joint venture firm that will develop a platform to invest in high potential growth companies in the information, communication, and technology sector, the company said on Tuesday.
Saudi Information Technology Company is an organisation which aims at revitalising the kingdom’s digital infrastructure, cybersecurity, software development, and Big Data and analytics with the hands of capable and qualified Saudi human capital.
According to the statement, the focus of the new JV will be on opportunities with significant potential for local value creation, with the target market being Saudi Arabia and the GCC countries, said a statement from Saudi Aramco.
The joint venture will also develop a platform for investing in high potential growth companies in the information, communication and technology sector with strategic importance to Saudi Arabia, it added.
“The joint venture with Saudi Information Technology Company will provide training and employment to Saudi nationals, as well as support the growth of small and medium-sized enterprises active in the ICT sector in Saudi Arabia and the GCC market,” said Saudi Aramco VP for Information Technology, Yousef Al-Ulyan.
Dr. Saad Alaboodi, Chief Executive Officer of Saudi Information Technology Company, said that through the joint venture the two organisations are exploring promising opportunities that will “drive the transformative leap of the digital resilience and technological advancement of the Kingdom and the region.”
“This does not only afford Saudi Information Technology Company a position to pioneer the transformation for realising Vision 2030 and lead the investment in national human capital and future technologies, but also speaks to the unique culture of service that the company provides to its clients and its mission to empower national capabilities with training and employment,” he added.