DarkMatter Group is looking to enter Saudi Arabia in 2019 in a bid to boost its regional footprint after revealing a significant opportunities-driven strategy.
The Abu Dhabi cybersecurity start-up is in “advanced talks” with the Kingdom’s government to invest in a slew of sectors including energy and utilities, finance, telecoms, transport, defence, security, and intelligence, DarkMatter Group’s chief executive Karim Sabbagh told The National.
“There’s a level of strategic alignment between the UAE and Saudi, and that provides a lever on which we can build,” Sabbagh, said.
Saudi Arabia and the UAE, the Middle East’s two biggest economies, have “a level of strategic alignment” which enhances the company’s scheme, he said.
Founded three years ago in Abu Dhabi by Emirati businessman Faisal Al Bannai, the growing cybersecurity firm has remodeled its business in the first half of 2018 as part of a fresh strategy, which eyes regional firms and governments to prop up its digitisation investments.
Earlier this month, the firm changed its name to DarkMatter Group and launched four-area new model, namely DarkMatter, which focuses on cyber-security and secure communications, DigitalX1, which covers digital transformation, digital education-focused DigitalE1, along with Government Solutions which will help sovereigns bolster their defence and security solutions, according to The National.
Aiming to increase its employees to around 750 this year from 600 a year earlier, DarkMatter plans to expand in the GCC and the Middle East and North Africa (Mena) regions over the coming two years, the chief executive said.
Moreover, DarkMatter has also several “productive” talks with the Egyptian private, public sectors, he noted.
“There’s very significant demand, it’s just a matter of making sure we’re ready to commit to all of this at the same time,” Sabbagh said.
He stressed that the US and European investors have voiced interest in the profitable, self-financed company, which sees no need to attract additional capital in the meantime.
DarkMatter, which generates most of its revenue from government contracts, doubled its revenues to more than AED 1.6 billion ($400 million) in 2017.