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Oil sector heavyweight Saudi Aramco has joined forces with the Saudi Information Technology Company to launch a new joint venture aimed at investing in commercial enterprises dealing in the information, communication, and technology (ICT) sector.

The new joint venture will explore different ways to revitalize the country’s cybersecurity, software development, digital infrastructure, big data, and analytics using homegrown human capital.

Both organizations will chip in with their resources to find new opportunities that could lead to substantial value creation in the target markets which include Saudi Arabia, as well as other GCC countries.

In addition, the joint venture will also create a separate platform that would invest in high-potential growth companies in the ICT sector — especially ones bearing strategic significance for Saudi.

“The joint venture with Saudi Information Technology Company will provide training and employment to Saudi nationals, as well as support the growth of small and medium-sized enterprises (SMEs) active in the ICT sector in Saudi Arabia and the GCC market,” said Yousef Al-Ulyan, VP for Information Technology at Saudi Aramco.

Meanwhile, Dr. Saad Alaboodi, CEO of Saudi Information Technology Company, stated that the joint venture with Saudi Aramco is a key strategic step to further expedite the digital transformation and technology advancement not just in Saudi, but throughout the region.

Speaking of the overall impact of the new initiative on Saudi Arabia’s economy, Dr. Alaboodi added: “This does not only afford our company a position to pioneer the transformation for realizing Vision 2030 and lead the investment in national human capital and future technologies but also speaks to the unique culture of service that the company provides to its clients and its mission to empower national capabilities with training and employment.”