Home Partnerships Raytheon and Saudi Aramco to form joint venture

Raytheon and Saudi Aramco to form joint venture

The US-based defense firm Raytheon recently announced that it’s going to form a joint venture with Saudi Arabian Oil Company Saudi Aramco to develop cybersecurity services in the Saudi region.

According to the Memorandum of Understanding, the Saudi Aramco and Raytheon Saudi Arabia, a subsidiary of Raytheon Company, will develop and provide advanced cybersecurity software and hardware. They will also carry out research and development activities in the Saudi Arabia region. Saudi Aramco stated the latest venture will strengthen the cybersecurity capability of the company as well as its suppliers, customers, and affiliates. According to Raytheon, the agreement would continue to fuel its global growth in the areas of defense systems and platforms.

“We are excited about the joint venture which will support the Kingdom’s Vision 2030 by creating highly skilled jobs for Saudis in the cybersecurity sector and will support the foundation for Saudi Arabia’s economic development,” said Saudi Aramco Senior Vice President of Finance, Strategy & Development Khalid H. Al-Dabbagh. “Demand for cybersecurity services is expected to grow as companies move further into the digital space and embrace technologies such as the Internet of Things and big data. The partnership with Raytheon will help strengthen cybersecurity and enhance its infrastructure in Saudi Arabia and the broader region.”

“Cybersecurity is critical to national and global security,” said Dave Wajsgras, President of Raytheon Intelligence, Information, and Services. “This MOU is an important step in creating a joint venture that we see becoming the cornerstone of cybersecurity defenses in the region.”