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.”