As per the agreement, ICOP will join hands with Developed Dimension Information Technology (DDIT) to establish a Saudi-based company that delivers world-class security products and services, with added emphasis on training and high-level local support.
DDIT is owned by Sheikh Hamad Bin Mohammed Bin Saedan Group, one of the largest real estate and investment groups in Saudi Arabia, which has a major presence in the UAE, Tunisia, Egypt, and Jordan.
The joint venture's objective is to be the pre-eminent supplier of Homeland Security products and services to the flourishing security markets of the Middle East, the companies said.
President Obama and King Abdullah have placed a high priority on joint ventures between US and Saudi companies for greater economic co-operation, transfer of technology, and training as well as the development of new and lasting business ties, the duo added.
Sheikh Hesham Saedan, Managing Director of DDIT, said, '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 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,' he added.
'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 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,' said David Owen, Chairman and CEO of ICOP.
'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,' Owen added.