Saudi Arabia inks digital transformation plans with Cisco Systems

Saudi Deputy Crown Prince Mohammed bin Salman on Monday met with the California-based Cisco Systems' Chairman John T. Chambers and his executive team.

Prince Mohammed bin Salman was also briefed on the latest research in the telecommunications industry during the meeting.

Following the meeting, a memorandum of understanding was signed with Cisco Systems to help develop the digital infrastructure in the kingdom.

Saudi Arabia's "Vision 2030" reform plans unveiled in April set out a specific goal of improving high-speed broadband access in the kingdom and to exceed housing 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.

Saudi Arabia's Deputy Crown Prince Mohammed bin Salman meets with President Barack Obama in the White House (Photo: SPA)