IDEX 2019 is a large defense exhibition currently held in Abu Dhabi, UAE.
According to SAMI, the agreement will aim at supporting the Royal Saudi Naval Forces’ requirements for state of the art systems.
SAMI is set to hold a majority stake in the future joint venture (51%) while Naval Group will hold the remaining 49%.
“Through design, construction, and maintenance activities the joint venture will contribute significantly to further enhance the capabilities and readiness of the Royal Saudi Naval Forces”Andreas Schwer , SAMI CEO
Saudi Arabian Military Industries is a state-owned defense company launched in May 2017 by Saudi Arabia’s Public Investment Fund. It was established to provide military products and services in Saudi Arabia and to reduce the country’s reliance on foreign purchases of military products.
Naval Group is a European leader in naval defence. As an international high-tech company, Naval Group uses its extraordinary know-how, unique industrial resources and capacity to arrange innovative strategic partnerships to meet its customers’ requirements. The group designs, builds and supports submarines and surface ships. It also supplies services to shipyards and naval bases.