ZUG, Switzerland & GENEVA & Saudi Arabia – WISeKey International Holding (“WISeKey“, SIX: WIHN), a leading cybersecurity company and Saudi Advanced Technologies “SAT”, a wholly owned company of E.A Juffali & Brothers, one of the main leaders of technological development in the region, signed an agreement to form WISeKey Arabia, a joint venture in the form of a Limited Liability Company in the Kingdom of Saudi Arabia, according to the Saudi Foreign Investment Laws and Regulations.
The agreement was signed during the Future Investment Initiative (FII) which was held in Riyadh, Saudi Arabia from October 29 – 31, 2019. FII, an international platform for expert-led debate between global leaders, investors and innovators with the power to shape the future of global investment, is focused on utilizing investment to drive growth opportunities, enable innovation and disruptive technologies, and address global challenges (https://futureinvestmentinitiative.com/en/about-fii). The agreement was signed in the presence of His Excellency Ueli” Maurer, President of the Swiss Confederation and Head of the Federal Department of Finance FDF.
WISeKey and SAT are joining forces to implement a strategy for the development of cybersecurity and IoT market in Saudi Arabia, establish a market foothold with credible in-country leaders to maximize near-term revenue, while at the same time create significant market opportunities in sectors such as: retail, financial transaction, automotive, smart cities, consumer products, healthcare, smart cards, industrial, transportation, and IT infrastructure.
WISeKey’s global expansion strategy has been focused on the development of joint ventures with strategic partners on a national level. Through the strategic partnership with SAT, WISeKey will be deploying its cybersecurity services and IoT infrastructure in the Kingdom of Saudi Arabia and support its Vision 2030 economic reform plan, the Kingdom’s vision for the future. As per the Vision 2030 economic reform plan, sophisticated digital infrastructure is integral to Kingdom’s advanced industrial activities, attracts investors and enhances the competitiveness of the economy.
Through its alliance with SAT, WISeKey has explored and secured additional synergies with leading companies in the region whose values and product portfolio align well with its mission to provide state-of-the-art technology and cybersecurity services, using a highly secure data center located in the region.
WISeKey, in cooperation with SAT is currently developing a Root of Trust (RoT) and a Public Key Infrastructure (PKI) in the Kingdom of Saudi Arabia, including a globally trusted Certification Authority within a security strategy framework. PKI provides the necessary security (encrypted and digital signatures) for electronic transactions.
WISeKey already secures many banks in the Gulf region, including the National Bank of Kuwait and regional Middle East branch offices by providing S/MIME digital certificates for secure e-mail to more than 200 savings banks.
Carlos Moreira, Founder and CEO of WISeKey International Holding, said: “The opportunity for WISeKey Arabia joint venture is unequaled in the market. WISeKey is the only company in the world that delivers a vertical cybersecurity service platform from Root of Trust to Chip. The joint venture, will deliver an end-to-end solution to the Juffali ecosystem of companies across the country. I am very much looking forward to collaborating with Khaled Juffali, the Chairman of E.A. Juffali & Brothers, and I am confident that we will continue to experience significant technological accomplishments in the region.”
About E. A Juffali & Brothers. Juffali group
E. A. Juffali & Brothers was established in 1936.
Over the last eight decades, Juffali 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.
Since inception, Juffali has always focused on collaborating with international leaders in their fields developing these relationships through transparency and strong business ethics to pioneer new areas of business and provide market centric solutions to the ever evolving need of the Kingdom.
WISeKey (SIX Swiss Exchange: WIHN) is a leading global cybersecurity company currently deploying large scale digital identity ecosystems for people and objects using Blockchain, AI and IoT respecting the Human as the Fulcrum of the Internet. WISeKey Semiconductors secure the pervasive computing shaping today’s Internet of Everything. WISeKey has an installed base of over 1 billion microchips in virtually all IoT sectors (connected cars, smart cities, drones, agricultural sensors, anti-counterfeiting, smart lighting, servers, computers, mobile phones, crypto tokens etc.). WISeKey is uniquely positioned to be at the edge of IoT as our semiconductors secure a huge amount of Big Data that, when analyzed with Artificial Intelligence (AI), can help industrial applications to predict the failure of their equipment before it happens.
Our technology, trusted by the OISTE/WISeKey’s Swiss based cryptographic Root of Trust (“RoT”) provides secure authentication and identification, in both physical and virtual environments, for the Internet of Things, Blockchain and Artificial Intelligence. The WISeKey RoT serves as a common trust anchor to ensure the integrity of online transactions among objects and between objects and people. For more information, visit www.wisekey.com.
Press and investor contacts:
|WISeKey International Holding Ltd
Company Contact: Carlos Moreira
Chairman & CEO
Tel: +41 22 594 3000
|WISeKey Investor Relations (US)
Contact: Lena Cati
The Equity Group Inc.
Tel: +1 212 836-9611
Saudi Advanced Technologies Ltd.
Company Contact: Tawfiq AL-Zoubi
Tel +966 12 667 2222
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 article 652a or article 1156 of the Swiss Code of Obligations or a listing prospectus within the meaning of the listing rules of the SIX Swiss Exchange. 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.