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Home» News»KSA’ SAMI and France’s Naval Group Sign Joint Venture Agreement
KSA' SAMI and France's Naval Group Sign Joint Venture Agreement 1
On day 1 of IDEX 2019, SAMI and Naval Group signed a preliminary deal to create a naval joint venture. Gowind scale model on SAMI stand at IDEX 2019. Naval News picture.

KSA’ SAMI and France’s Naval Group Sign Joint Venture Agreement

Saudi Arabian Military Industries (SAMI) and French shipbuilding group Naval Group signed on the opening day of IDEX 2019 a memorandum of agreement (MoA) to create a joint venture for the production and development of naval systems and naval vessels.

Xavier Vavasseur 17 Feb 2019

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.

France IDEX Naval Group SAMI Saudi Arabia 2019-02-17
Tags France IDEX Naval Group SAMI Saudi Arabia
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Authors

Posted by : Xavier Vavasseur
Xavier is based in Paris, France. He holds a Bachelor’s degree in Management Information Systems and a Master of Business Administration from Florida Institute of Technology (FIT). Xavier has been covering naval defense topics for nearly a decade.

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