Saudi Aramco signs MoU with Raytheon to establish cybersecurity firm

Saudi Aramco and Raytheon Saudi Arabia signed a memorandum of understanding (MoU) to set up a joint venture company that will develop and provide best-in-class cybersecurity services in Saudi Arabia and the region, Aramco said in a statement.

The JV will market and provide integrated defensive cybersecurity software and hardware capabilities, and perform research and development activities.

The new firm will increase Aramco’s cybersecurity protection available as well as its suppliers, customers and affiliates.

 “Demand for cybersecurity services is expected to grow as companies move further into the digital space and embrace technologies such as Internet of Things and big data,” said Saudi Aramco Senior Vice President of Finance, Strategy & Development Khalid Al-Dabbagh.