President Obama and King Abdullah have placed a high priority on joint ventures between companies in the United States and companies in Saudi Arabia, for greater economic cooperation, transfer of technology, and training as well as the development of new and lasting business ties.
Under the terms of the joint venture, the two parent companies will establish a Saudi-based company that delivers world-class security products and services, with added emphasis on training and high-level local support. The joint venture’s objective is to be the preeminent supplier of Homeland Security products and services to the flourishing security markets of the Middle East.
DDIT is owned by Sheik Hamad Bin Mohammed Bin Saedan Group, a prominent business group in Saudi Arabia, who following eighty-five years in business, is one of the largest real estate and investment groups in Saudi Arabia, and their holdings extend to the UAE, Tunisia, Egypt, and Jordan.
Sheik Hesham Saedan, managing director of DDIT, stated:
“In light of the growing priority for security solutions, ICOP and DDIT see the need for expanding our relationship to integrate additional security products and services, and to leverage the strong brand we have established with ICOP and other security products, in Saudi Arabia and the Region. Through the joint venture with ICOP, we gain an experienced and respected management team, in addition to an ambitious growth plan to become the market-leading security company in the Region.”
“Saudi Arabia’s fast-growing economy is creating opportunities for both exporters and investors, as it is one of the fastest growing economies in the world. Given the elevated priority that King Abdullah has placed on securing Saudi Arabia’s citizens, borders, and critical infrastructure, we believe this is a unique opportunity in history, in helping to meet the security needs of this important market. Our relationship with DDIT over these past few years has been outstanding, and the growing security market of this Region gives us a sense of urgency to establish this joint venture,” stated David Owen, Chairman and CEO of ICOP.
The transaction is subject to final documentation and regulatory approvals. Terms of the transaction, which is projected to close by the end of the last quarter of 2010, were not disclosed, pending finalization through the authorities in Saudi Arabia.
Thursday, February 11- 2010 @ 10:04 UAE local time (GMT+4) Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of Mediaquest FZ LLC.