WISeKey established WISeKey Arabia, a JV with Saudi Advanced Technologies company Ltd, a wholly owned company of E.A. Juffali & Brothers and localized its cybersecurity and IoT offerings in the Middle East
WISeKey Arabia is a Joint Venture in Saudi Arabia in the form of a Limited Liability Company, according to the Saudi Foreign Investment Laws and Regulations
WISeKey Arabia targets to generate revenue for the WIHN group forecasted at $100 million dollars for the period 2020 to 2025 in the Middle East
ZUG, Switzerland & GENEVA & Saudi Arabia – WISeKey International Holding (“WISeKey”, SIX: WIHN), a leading cybersecurity IoT company has reached a final agreement with E.A Juffali & Brothers group to incorporate WISeKey Arabia, a joint venture in the form of a Limited Liability Company in the Kingdom of Saudi Arabia.
WISeKey and E.A Juffali & Brothers group join forces to implement a strategy for the development of cybersecurity and IoT market in Saudi Arabia, with the objective of expanding WISeKey’s presence in the Middle East with the common objective of establishment WISeKey Arabia as one of the country’s leading providers of cybersecurity, Internet of Things (IoT) and Blockchain services for the growing Middle East market. The overarching objective of the new company is to 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 in other high growth economies in the Middle East, which provides substantial opportunities for WISeKey to expand its presence and offerings to local organizations. The Kingdom’s IoT and M2M Communication market, currently encompasses 65% of the cybersecurity and IoT market of the Gulf region, is estimated to reach $16 billion in 2019 (from ~$4.9 billion in 2014) and is expected to continue its fast growth over the next decade supported by Saudi Arabia’s 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. For this reason, the government will partner with the private sector (including telecom operators) and it will support local investments to further develop telecommunications and information technology sectors which will ultimately lead the development of a sophisticated digital economy. Improving the quality and expanding the coverage of high-speed broadband to 90 percent of housing in densely populated cities and 66 percent in other urban zones remains a high priority of this plan.
WISeKey’s strategy to enter new regions via long-lasting relationships with a strategic partner, brings a stream of high-profile clients that are in high demand for cybersecurity solutions, such as digital identity and privacy, secure mobile communication, secure cloud computing, IoT, secure semi-conductors, Blockchain and other innovative technologies offered by WISeKey.
The joint venture will benefit from the previous MoU signed with SAT in 2018 to expand WISeKey’s current operations in the Kingdom of Saudi Arabia, having as a goal the expansion into other Middle Eastern countries. 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 1946.
Over the last seven 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.
Over the years Juffali has, developed partnerships with world-leading companies across many sectors.
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.
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