Cybersecurity and internet of things (IoT) company WISeKey and Saudi Advanced Technologies (SAT) last announced the signing of a Memorandum of Understanding (MoU) for the marketing and distribution of WISeKey’s offerings in Saudi Arabia.
The MoU states that WISeKey and SAT plan to implement a strategy to develop Saudi Arabia’s cybersecurity and IoT market. The goal of this work will also be to expand WISeKey’s presence in the Middle East.
WISeKey’s strategy has focused on the development of joint ventures with strategic partners as the company aims to ramp up its global expansion. Through this most recent partnership, WISeKey is set to launch its cybersecurity and IoT offerings in Saudi Arabia and other Middle Eastern economies that are experiencing high growth.
“The economic outlook for Saudi Arabia is very positive, and this MoU will enable WISeKey to address the growing demands of this modern market,” said Carlos Moreira, founder and CEO of WISeKey. “Through our partnership with SAT, we will be in an advantageous position to implement new state-of-the-art technologies and cybersecurity services in the region and help accelerate the growth of this market.”
The technology market in Saudi Arabia and throughout the Middle East provides significant opportunity for WISeKey to expand its presence, the company said. The region’s IoT and M2M Communication market is growing, and it is expected to reach USD 16 billion in 2019—a jump from USD 4.8 billion in 2014.
WISeKey’s alliance with SAT is expected to allow for additional collaborations with other companies in the region, the company said, and will lead to the development of a Root of Trust (RoT) and a Public Key Infrastructure (PKI) for WISeKey in Saudi Arabia, including a globally trusted Certification Authority within a security strategy framework. PKI provides the security necessary for electronic transactions, officials said.