The European Commission (EC) approved the formation of a joint venture, Middle East Cybersecurity, to be established by Raytheon Technologies Corporation of the US and Saudi Arabia’s national oil company Saudi Aramco, the EC announced on Tuesday.
The joint venture will be active in the marketing, sales and provision of defensive cybersecurity products and services within Saudi Arabia, the Middle East and the North Africa region, the commission said in a statement.
“Raytheon is active in aerospace and defense providing advanced systems and services for commercial, military and government customers worldwide. Saudi Aramco is primarily engaged in the exploration, production and marketing of crude oil and, to a lesser extent, in the production and marketing of refined products and petrochemicals,” the commission said.
The commission said the proposed acquisition would raise no competition concerns, given that the joint venture is not expected to offer any products or services to customers in the European Economic Area.
By Sibel Morrow