Saudi Aramco and Raytheon Company, through its subsidiary Raytheon Saudi Arabia, signed a Memorandum of Understanding (MoU) to establish a Joint Venture (JV) company that will develop and provide best-in-class cybersecurity services in Saudi Arabia and the region.
The Joint Venture company will market and provide integrated defensive cybersecurity software and hardware capabilities, and perform research and development activities.
The JV will increase the cybersecurity protections available to Saudi Aramco, its suppliers, customers and affiliates. It will also help build world-class cyber capabilities in Saudi Arabia and the region.
“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 Senior Vice President of Finance, Strategy & Development Khalid H. Al-Dabbagh.
“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. The partnership with Raytheon will help strengthen cybersecurity and enhance its infrastructure in Saudi Arabia and the broader region,” he added.
“Cybersecurity is critical to national and global security. This MOU is an important step in creating a joint venture that we see becoming the cornerstone of cybersecurity defenses in the region,” said Dave Wajsgras, President of Raytheon Intelligence, Information and Services.
Raytheon Company, with 2017 sales of $25 billion and 64,000 employees, is a technology and innovation leader specializing in defense, civil government and cybersecurity solutions.
With a history of innovation spanning 96 years, Raytheon provides state-of-the-art electronics, mission systems integration, C5I™ products and services, sensing, effects, and mission support for customers in more than 80 countries.
Raytheon is headquartered in Waltham, Massachusetts, USA.