WISeKey finalised WISeKey Arabia, a JV with Saudi Advanced Technologies company Ltd (SAT)

Écrit par © Filactu le . Rubrique: International

WISeKey Arabia is a Joint Venture (JV) in Saudi Arabia with SAT (a wholly owned company of E.A. Juffali & Brothers) 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 WISeKey International Holding (WIHN group) forecasted at $100 million dollars for the period 2020 to 2025 in the Middle East.

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.

Recall that WISeKey and SAT had signed a Memorandum of Understanding (MoU) in December 2018. <

PhC

Related article:
WISeKey and Saudi Advanced Technologies establish a Joint Venture to expand in the Middle East (2018-12-05)