RIYADH: Saudi Arabia’s Advanced Electronics Co. has signed eight agreements, memorandums of understanding and deals to increase cooperation with government agencies and international companies as part of its contribution to the digital transformation strategy in the Kingdom.
The agreements by the firm, a subsidiary of Saudi Arabian Military Industries, included one with the Ministry of Sports to provide digital transformation support concerning smart stadiums, digital solutions, cybersecurity and infrastructure.
Advanced Electronics also inked a cooperation agreement with the Ministry of Environment, Water and Agriculture to support initiatives to improve digital infrastructure, while a MoU was signed with Saudi Arabia Railways to provide security solutions, managed services, and IT infrastructure solutions.
A MoU was also penned with the Saudi Electricity Company to provide infrastructure solutions, transfer and localize technologies, and a contract for operating digital technical infrastructure and technical support was signed with the General Authority for Survey and Geospatial Information.
The deals were announced after the company participated in the LEAP 23 International Technical Conference, held in Riyadh, from Feb. 6 to 9.
Advanced Electronics Co. CEO, Ziad Al-Musallam, said the agreements will contribute to the development of the digital infrastructure of the Kingdom in various sectors and represent a quantum leap in the digital transformation process as an enabler to achieve the goals of the Kingdom's Vision 2030, according to a statement on the Saudi Press Agency.
Other deals included cooperation agreements with Chronolife, Intelligent Security Systems, and Advanced Technology and Cybersecurity. These deals include providing support in the areas of infrastructure development, infrastructure projects in government sectors, and enabling the smart cities sector.
There were more than 250,000 registrations for the LEAP 23 event, more than double the number who signed up in 2022.
A host of investment announcements were made, with programs worth $2.43 billion revealed on day three of the event, following the $9 billion of deals revealed by the Kingdom’s Minister of Information Abdullah Al-Swaha at the event opening.
This is in addition to eight other investment funds worth $646 million launched during the event to stimulate innovation and digital entrepreneurship.