Saudi Arabia’s national oil company and Raytheon [RTN] have agreed to establish a joint venture that will provide cyber security services in the Kingdom and the region, according to Saudi Aramco.
Saudi Aramco, which is teaming with Raytheon’s Saudi Arabia subsidiary, said the joint venture will provide services to the energy company, suppliers, customers and affiliates in addition to serving Saudi Arabia and the region.
The joint venture will conduct research and development and provide defensive cyber security hardware and software.
Dave Wajsgras, president of Raytheon’s Intelligence, Information and Services segment, said in a statement that the memorandum of understanding “is an important step in creating a joint venture that we see becoming the cornerstone of cyber security defenses in the region.”
Khalid H. Al-Dabbagh, senior vice president of Finance, Strategy and Development for Saudi Aramco, said in a statement the joint venture supports Saudi Arabia’s “Vision 2030,” which is an initiative led by Saudi Crown Prince Mohammad Bin Salman to attract investment in the Kingdom and diversify its economy.
“Demand for cyber security services is expected to grow as companies move further into the digital space and embrace technologies such as Internet of Things and big data,” Al-Dabbagh said. “The partnership with Raytheon will help strengthen cyber security and enhance its infrastructure in Saudi Arabia and the broader region.”