State oil giant Saudi Aramco said it has signed an agreement with Saudi Information Technology Company to set up a new joint venture that will invest in commercial enterprises in the information, communication and technology sector across the kingdom.

Saudi Information Technology Company is an organisation which aims at revitalising the kingdom’s digital infrastructure, cybersecurity, software development, and big data and analytics with the hands of capable and qualified Saudi human capital.

The focus of the new JV will be on opportunities with significant potential for local value creation, with the target market being Saudi Arabia and the GCC countries, said a statement from Saudi Aramco.

The joint venture will also develop a platform for investing in high potential growth companies in the information, communication and technology sector with strategic importance to Saudi Arabia, it added.

Yousef Al-Ulyan, VP for Information Technology at Saudi Aramco, said: "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."

Saudi Information Technology Company CEO Dr Saad Alaboodi said: “We are exploring promising opportunities with this joint venture that will drive the transformative leap of the digital resilience and technological advancement of the kingdom and the region.”

“This does not only afford our company a position to pioneer the transformation for realising 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,” he added.-TradeArabia News Service