Aqara, a leading provider of smart home products, has signed a Memorandum of Understanding (MoU) with iot squared, a joint venture between stc Group and Saudi Arabia's Public Investment Fund, to forge a strategic partnership with a special focus on Information and Communications Technology (ICT) and Internet of Things (IoT) services. This collaboration is designed to spur the growth of digitalization through IoT research and development in Saudi Arabia, aligning with the Kingdom's Vision 2030.

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Aqara President Zhen Lin and iot squared Chief Commercial Officer Shabbab H. Alghamdi at the MoU signing ceremony (Photo: Business Wire)

The MoU was signed by Aqara President Zhen Lin and iot squared CEO Othman Aldahash in Beijing, China on December 12, 2023.

Under this partnership agreement, Aqara and iot squared will work together to provide IoT devices and services to Saudi Arabian consumers. With Aqara's expansive smart home platform and product portfolio, coupled with iot squared's market insight and in-depth industry experience, the two entities aim to develop customized smart home solutions for users and businesses across the region.

"Aqara is excited to participate in this joint effort to propel IoT technology research and adoption in Saudi Arabia,” said Zhen Lin, Aqara President. “We believe that the synergy between iot squared’s industry and regional expertise, together with Aqara’s AI-driven IoT technologies, will accelerate the emergence of connected homes in Saudi Arabia.”

“As we embark on this transformative journey to develop cutting-edge smart home solutions, this partnership will not only advance technological innovation but also aligns seamlessly with our country's visionary commitment to enhancing the well-being and quality of life,” said Othman Aldahash, CEO of iot squared. “Together, we have the power to shape a future where technology not only connects us but uplifts and enriches the very fabric of our lives, in harmony with the aspirations of our nation.”

About iot squared

iot squared established as a joint venture between PIF and stc specializing in the Internet of things (IoT). Positioned to be a regional hub for the Internet of Things in the Middle East and North Africa, with the objective of accelerating the adoption of IoT technologies. The Internet of Things has been identified in stc's "DARE 2.0" strategy among the strategic areas of investment, which aligns with Saudi Arabia’s digital transformation initiatives supported by PIF. iot squared offers smart solutions in sectors including manufacturing, logistics, and smart cities with the aim to become a “one-stop-shop” for IoT solutions.

For more information, please visit: https://iotsquared.com.sa/

About Aqara

Founded in 2016, Aqara is a leading smart home provider with offices in New York and Shenzhen. With a comprehensive portfolio ranging from a variety of smart sensors to switches, cameras, curtain controllers, and smart door locks, the Company is committed to enabling smart homes experience that is seamless, proactive and intuitive. Aqara is also one of the early advocates of the new IoT connectivity standard, Matter, and has been collaborating with industry partners to enhance the interoperability and simplicity of smart home technology.

Aqara currently serves more than 11 million customers worldwide, with distribution partners in 6 continents - Asia, Africa, North America, South America, Europe and Australia. The Company also offers one of the most comprehensive suite of Apple Home-compatible smart home solutions in the market, and Aqara devices can be found in Apple Stores across Asia, Europe and Oceania. As the Company continues to expand its global footprint, Aqara hopes to bring more accessible, smart home technology to households around the world.

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