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-arabia-a-jv-with-saudi-advanced-technologies-company-ltd.
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.
This initiative reflects a broader trend of Gulf countries leveraging their wealth funds to invest in future-oriented industries, aiming to secure their positions in the global economic landscape beyond the oil era. The focus on manufacturing products across a wide range of advanced technology sectors, including semiconductors, smart appliances, health devices, and next-generation infrastructure, signifies a comprehensive approach to building a resilient, diversified economy.
The creation of 39,000 direct jobs and a projected $9.3 billion contribution to the non-oil GDP by 2030 highlights the scale of Saudi Arabia's ambitions. The PIF's plan to make a sizable investment in the semiconductor industry, as mentioned by Saudi Minister of Communications and Information Technology Abdullah Alswaha, further emphasizes the Kingdom's commitment to becoming a leader in this critical sector.
Saudi Arabia's commitment to improving its digital infrastructure and expanding high-speed broadband coverage, as part of Vision 2030, is crucial for attracting investments and enhancing the competitiveness of its economy. This strategic direction, supported by significant investments in technology and innovation, presents a transformative opportunity for the kingdom to position itself as a leader in sustainable technology manufacturing and digital services in the region and beyond.
WISeKey Arabia has quickly established itself as a key player in the Kingdom, focusing on critical sectors for Saudi Arabia's future growth. These include retail, financial transactions, automotive, smart cities, consumer products, healthcare, smart cards, industrial, transportation, and IT infrastructure.
As Saudi Arabia continues to prioritize the development of a sophisticated digital infrastructure, WISeKey Arabia is poised to play a pivotal role in this transformation, ensuring secure and advanced digital services across multiple sectors. This initiative is a testament to the effective collaboration between international technology firms and local industry leaders, driving forward Saudi Arabia's vision for a digital future.
About A Juffali & Brothers.
E. A. Juffali & Brothers was established in 1946. Over the last seven decades, Juffali Group has been a key contributor for Saudi Arabia's modern economy, setting up the electric power supply and telecommunications to some of Saudi Arabia's major cities, during the initial development of the Kingdom. Over the years Juffali Group has developed partnerships with world-leading companies across many sectors.
About WISeKey
WISeKey International Holding Ltd ("WISeKey", SIX: WIHN; Nasdaq: WKEY) is a global leader in cybersecurity, digital identity, and IoT solutions platform. It operates as a Swiss-based holding company through several operational subsidiaries, each dedicated to specific aspects of its technology portfolio. The subsidiaries include (i) SEALSQ Corp (Nasdaq: LAES), which focuses on semiconductors, PKI, and post-quantum technology products, (ii) WISeKey SA which specializes in RoT and PKI solutions for secure authentication and identification in IoT, Blockchain, and AI, (iii) WISeSat AG which focuses on space technology for secure satellite communication, specifically for IoT applications, and (iv) WISe.ART Corp which focuses on trusted blockchain NFTs and operates the WISe.ART marketplace for secure NFT transactions.
Each subsidiary contributes to WISeKey's mission of securing the internet while focusing on their respective areas of research and expertise. Their technologies seamlessly integrate into the comprehensive WISeKey platform. WISeKey secures digital identity ecosystems for individuals and objects using Blockchain, AI, and IoT technologies. With over 1.6 billion microchips deployed across various IoT sectors, WISeKey plays a vital role in securing the Internet of Everything. The company's semiconductors generate valuable Big Data that, when analyzed with AI, enable predictive equipment failure prevention. Trusted by the OISTE/WISeKey cryptographic Root of Trust, WISeKey provides secure authentication and identification for IoT, Blockchain, and AI applications. The WISeKey Root of Trust ensures the integrity of online transactions between objects and people. For more information on WISeKey's strategic direction and its subsidiary companies, please visit www.wisekey.com.
Press and investor contacts:
WISeKey International Holding Ltd
Carlos MoreiraChairman & CEO
Tel: +41 22 594 3000 / info@wisekey.com
WISeKey Investor Relations (US)
The Equity Group Inc.
Lena Cati
Tel: +1 212 836-9611 / lcati@equityny.com
Katie Murphy
Tel: +1 212 836-9612 / kmurphy@equityny.com
Disclaimer:
This communication expressly or implicitly contains certain forward-looking statements concerning WISeKey International Holding Ltd and its business. Such statements involve certain known and unknown risks, uncertainties and other factors, which could cause the actual results, financial condition, performance or achievements of WISeKey International Holding Ltd to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. WISeKey International Holding Ltd is providing this communication as of this date and does not undertake to update any forward-looking statements contained herein as a result of new information, future events or otherwise.
This press release does not constitute an offer to sell, or a solicitation of an offer to buy, any securities, and it does not constitute an offering prospectus within the meaning of the Swiss Financial Services Act ("FinSA"), the FInSa's predecessor legislation or advertising within the meaning of the FinSA. Investors must rely on their own evaluation of WISeKey and its securities, including the merits and risks involved. Nothing contained herein is, or shall be relied on as, a promise or representation as to the future performance of WISeKey.
