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. 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.