MOU with Al-Rawahy Holdings of Sultanate of Oman

RNS Number : 9014Y

Crossword Cybersecurity PLC

18 May 2021

 

Crossword Cybersecurity Plc Signs Memorandum of Understanding with

Al-Rawahy Holdings, Signalling Gulf Region Expansion

18 May 2021 - London, UK - Crossword Cybersecurity Plc (AIM:CCS, "Crossword", the "Company" or the "Group"), the technology commercialisation company focused on cyber security and risk management, has today announced its intention to establish a subsidiary in the Sultanate of Oman as its Middle Eastern Regional HQ. A memorandum of understand has been signed with Al-Rawahy Holdings LLC   of the Sultanate of Oman, which will see the formation of a licensed subsidiary called Crossword Cybersecurity LLC, majority owned by Crossword.

The Company believes that Al-Rawahy Holdings LLC is the perfect partner for Crossword, with over 40 years' experience supporting the growing and vibrant sectors of the Oman economy and throughout the Gulf region. With over 10,000 employees, the group is active in the oil & gas, facility management, telecoms, mining, infrastructure, trading and construction industries. 

Crossword Cybersecurity LLC will be the exclusive third-party distributor of Crossword's existing and future cyber security products, including Rizikon, the SaaS platform that enables medium to large companies to assess and manage all risks from their suppliers.  Crossword's full range of cyber security services will also be made available- helping companies in the region improve their cyber security posture to achieve best practices with the latest solutions. 

The signing in 2019 of the   UK-Oman Comprehensive Agreement  and the  Joint Defence Agreement (JDA ) by the UK and Oman governments builds further on decades of digital partnership, with commitments to "Deepening cooperation on cyber security and sharing expertise in developing secure and resilient information management and communications technology."   This cooperation was reinforced by a Royal Decree from HM Sultan Haitham in 2020 announcing the formation of a new national Cyber Defence Centre.

Digital Transformation is a key priority for the Government of Oman as exemplified by the public services digital 2022 plan to digitalise 59 public services across different government institutions. Robust cyber security is key to the success of such initiatives and Crossword is excited to enter this rapidly developing market.  

Tom Ilube CBE, CEO of Crossword Cybersecurity Plc,  said: "Now is an excellent time to deepen private sector cyber security solutions in Oman, and engage in knowledge exchange and training in the region as Crossword seeks to support Oman's Vision 2040 cyber goals. During 2020, Crossword saw strong revenue growth of 25%, including our first project in Oman.  We are delighted to be partnering with the Rawahy Group in the creation of Crossword Cybersecurity LLC, giving us a permanent presence with which to meet the cyber security needs of organisations in Oman and across the Gulf region."

Sheikh Is-haq Al-Rawahy, Vice Chairman of Al-Rawahy Holdings LLC, said "We are excited partnering with Crossword Cybersecurity Plc to offer their experience and professional service in the much-needed cyber security for the region, starting here in Oman.  This is in line with the country's 2040 vision and our Group's strategic objectives of utilising the unique position of Oman in establishing a strong base for regional expansion at the right time. 

Contacts

Crossword Cybersecurity plc - Tel: [phone]

Email: [e-mail]

Tom Ilube, Chief Executive Officer

Mary Dowd, Chief Financial Officer

Grant Thornton (Nominated Adviser) - Tel: [phone]

Colin Aaronson / Lukas Girzadas

Hybridan LLP (Broker) - Tel: [phone]

Claire Louise Noyce

For media enquiries contact:

Duncan Gurney, GingerPR

[e-mail] - Tel: [phone]

About Crossword Cybersecurity plc

Crossword Cybersecurity plc focuses on the development and commercialisation of university research-based cyber security and risk management related software and cyber security consulting.  The Group's specialist cyber security product development and software engineering teams work with its university partners to develop the research concept into a fully-fledged commercial product that it will then take to market. The Group's aim is to build up a portfolio of revenue generating, intellectual property based, cyber security products. Rizikon Assurance, Crossword's leading product, is a SaaS platform that enables medium to large companies to assess and manage all risks from their suppliers.  Nixer CyberML, Crossword's most recently launched product, is a new tool for businesses that want to solve advanced security and cybercrime problems, such as detecting and dealing with compromised accounts, fraud, and in-application denial of service attacks.  Crossword's team of expert cyber security consultants leverages years of experience in national security, defence and commercial cyber intelligence and operations to provide bespoke advice tailored to its clients' business needs.

About Al-Rawahy Holdings LLC

Al-Rawahy Holdings LLC is a family-owned business, started activities in 1971.  It has grown over the past 49 years to be one of the most reputed companies in Oman, with investments in Oman and overseas.  The Group has companies operating in Oman, UAE and UK.  The Group has diverse businesses and operates in all major sectors in Oman.  The overseas operations are to very specific sectors where the Group has developed considerable expertise.

About the   UK-Oman Comprehensive Agreement   

On 22 May 2019, the Omani Minister Responsible for Foreign Affairs His Excellency Yousef bin Alawi and the Foreign Secretary of the United Kingdom Jeremy Hunt met on 22 May in the Foreign and Commonwealth Office to sign the UK-Oman Comprehensive Agreement which demonstrates the two countries' shared commitment to working together in a number of sectors including science, health, technology and innovation.

About the  Joint Defence Agreement (JDA )

In February 2019, the UK and Oman signed a new Joint Defence Agreement (JDA), signifying Britain's commitment to security in the Gulf for years to come. Defence Secretary Gavin Williamson travelled to Oman to sign the agreement, alongside the Minister Responsible for Defence Affairs, Badr Bin Saud Bin Harib Al Busaidi. The UK and Oman have a long-standing and historic relationship, dating back more than 200 years. The Agreement also builds on the Prime Minister's commitment to the Freedom of Navigation, economic stability and security in the Gulf. The Ministry of Defence is committed to spending £3 billion across the Gulf over the next 10 years.

 

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