WISeKey Arabia Joint Venture with Juffali Group Becomes a Key Player in Saudi Arabia's Cybersecurity and Digital Transformation Process

GENEVA and Riyadh , Feb. 16, 2024 (GLOBE NEWSWIRE) -- WISeKey International Holding Ltd. (“WISeKey”) (SIX: WIHN, NASDAQ: WKEY), leader in cybersecurity, digital identity, and Internet of Things (IoT) solutions operating as a holding company, today announced that its “WISeKey Arabia” joint venture with E.A. Juffali & Brothers (“Juffali Group”) has become a key player in Saudia Arabia's cybersecurity and digital transformation process by providing state-of-the-art cybersecurity solutions, secure communication, and IoT infrastructure.

In 2019, WISeKey established WISeKey Arabia, a joint venture with Saudi Advanced Technologies company Ltd, a wholly owned company of Juffali Group aiming to localize cybersecurity and IoT offerings in the Middle East. Since its establishment, the WISeKey Arabia joint venture, has been at the forefront of effort to enhance Saudi Arabia's cybersecurity and digital infrastructure capabilities. The joint venture not only supports the Kingdom's digital transformation but also enhances its competitive edge by attracting investments and fostering innovation within the digital economy.

WISeKey Arabia joint venture goal aligns with the Kingdom's Vision 2030, emphasizing the importance of cybersecurity and digital infrastructure in building a diversified and sustainable economy. https://www.nasdaq.com/press-release/wisekey-established-wisekey-arabi ....

The joint venture has been instrumental in propelling the Kingdom towards achieving its ambitious goals outlined in Vision 2030, by leveraging WISeKey's global expertise in cybersecurity and digital technologies alongside Juffali Group's deep market knowledge and strong local presence.

Saudi Arabia's ambitious move towards becoming a global hub for sustainable technology manufacturing, particularly through its sovereign wealth fund's focus on semiconductor and space industries, marks a significant shift in the kingdom's economic diversification efforts. The establishment of Alat by the Public Investment Fund (PIF) underlines a strategic pivot towards advanced manufacturing sectors, aiming to reduce the economy's oil dependency while fostering technological innovation and job creation within the Kingdom.