WISeKey and Saudi Advanced Technologies (SAT), a wholly owned company of E.A Juffali & Brothers, today announced the signing of a Memorandum of Understanding (MoU) aiming to establish WISeKey Arabia, a joint venture in the form of a Limited Liability Company in the Kingdom of Saudi Arabia.
As per the MoU, WISeKey and SAT will join forces to implement a strategy for the development of cybersecurity, IoT market and Blockchain servicesin Saudi Arabia, with the objective of expanding WISeKey's presence in the Middle East. The objective is to create significant market opportunities in sectors such as: retail, financial transaction, automotive, smart cities, consumer products, healthcare, smart cards, industrial, transportation, and IT infrastructure.
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. Improving the quality and expanding the coverage of high speed broadband to 90 % of housing in densely populated cities and 66 % in other urban zones remains a high priority of this plan.
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. <