SAMI and Naval Group sign strategic agreement to create JV in naval defense
Riyadh, The Saudi Arabian Military Industries Company (SAMI) and Naval Group, a French naval defense company, have entered into a Memorandum of Agreement (MoA) to create a joint venture company in Saudi Arabia's naval defense domain.
Signed on the sidelines of the International Defense Exhibition and Conference (IDEX) 2019 in Abu Dhabi, the MoA sets out the framework for the establishment of this joint venture that will further strengthen the Kingdom of Saudi Arabia's efforts focused on localizing essential industrial skills and capabilities.
The joint venture company will be at the helm of naval programs for the Royal Saudi Naval Forces and will support its existing and future requirements for state-of-the-art systems, including full life-cycle support of these systems.
Dr. Andreas Schwer, CEO of SAMI, said: Our joint venture agreement with Naval Group laid the foundation of a strategic partnership that will reinforce SAMI's commitment to helping Saudi Arabia develop self-sufficient defense capabilities. The collaboration offers us an excellent opportunity to leverage Naval Group's strong track-record of helping its partners develop sovereign defense capabilities to create an integrated military industries ecosystem in the Kingdom.
Dr. Schwer added: Through design, construction, and maintenance activities, the joint venture will contribute significantly to further enhancing the capabilities and readiness of our Royal Saudi Naval Forces.
Building on the longstanding partnership between the Kingdom of Saudi Arabia and Naval Group, the joint venture aims to play a key role in helping achieve the objectives of the Kingdom Vision 2030 by maximizing local content and creating highly skilled jobs for Saudis.
Source: Saudi Press Agency