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WISeKey Arabia Joint Venture with Juffali Group Becomes a Key Player in Saudi Arabia's Cybersecurity and Digital Transformation ProcessGENEVA 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. 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 WISeKey WISeKey Investor Relations (US) Disclaimer: 
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