Saudi Aramco, Raytheon to develop cybersecurity JV
JV will also create job opportunities for Saudi nationals, according to Saudi Aramco
Saudi Aramco and American defence contractor Raytheon have signed a memorandum of understanding (MoU) to establish a joint venture cybersecurity company, the companies announced on Friday.
The new company will market and provide cybersecurity software and hardware capabilities as well as research and development.
"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's senior vice president of finance, strategy and development, Khalid Al-Dabbagh.
Al-Dabbagh added that 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."