Etisalat takes over Help AG's UAE, KSA operations
Etisalat, the UAE's largest telecom operator, announced on Wednesday that it took over the Mena region's leading cybersecurity company, Help AG.
The telecom giant said that the 100 per cent acquisition is subject to fulfilling certain conditions.
"Etisalat signed an agreement to acquire 100 per cent of the Help AG's businesses in the UAE and KSA. This acquisition is in line with Etisalat's digital strategy as it will enhance and diversify the digital portfolio and accelerate growth of Etisalat's existing cyber securities activities," said Serkan Okandan, chief financial officer of Etisalat Group, in a statement posted on Abu Dhabi Securities Exchange, where it is listed.
The acquisition, said the statement, will help Etisalat to further expand across the region. The companies, however, didn't disclose the deal.
Founded in Germany in 1995, Help AG has been present in the Middle East since 2004. The company serves telecom, retail, defense, government, oil and gas, infrastructure, education, healthcare and aviation and transport sectors.
In July, Etisalat Group announced its financial results for the first of half 2019 showing net profits of Dh4.4 billion, representing a 3.1 per cent year on year on increase. Etisalat remains proud of its accomplishments as the first telecom operator to launch the first commercial 5G network in the Mena region.
Industry estimates show that Saudi Arabia's cybersecurity market alone is expected to grow to $5.5 per cent by 2023. A survey revealed that 66 per cent of senior executives in the Middle East believe that digital adoption and cybersecurity are their greatest business challenge. The survey results showed that 63 per cent executives believe cybersecurity is the top challenge in the Middle East as compared to just 24 per cent in 2017.