Saudi Arabia and Cisco digital transformation deal

Saudi Arabia and Cisco digital transformation deal

Saudi Arabia deal with Cisco

Mohammed bin Salman, Saudi Deputy Crown Prince met with the California-based networking company’s chairman John T. Chambers and his executive team on Monday.During this meeting Prince Mohammed bin Salman was briefed on the latest research in the telecommunications industry.

A memorandum of understanding was also inked with US-based technology firm Cisco Systems to help develop the digital infrastructure in Saudi Arabia, according to Al Arabiya report.

Vision 2030” reform plans of Saudi Arabia, launched in April set out a specific goal to enhance high speed broadband access in the kingdom.The program goals also include exceeding broadband coverage by 90 percent in densely populated cities and 66 percent in other urban zones.

Cisco – the largest networking company in the world – has its market cap at $146 billion. Its profits after taxes was $2.35 billion for the first quarter of 2016.

Its stock was added to the Dow Jones Industrial Average in 2009, and it is also part of S&P 500 Index, the Russell 1000 Index, NASDAQ-100 Index and the Russell 1000 Growth Stock Index.

Prince Mohammed bin Salman is currently visiting the US where he met with American officials last week including US President Barack Obama. He’s currently meeting with technology giants in Silicon Valley in talks about further investments.