ECONOMY

Saudi Arabian Military Industries acquires ownership of Advanced Electronics Company

The agreement took place in an event in London. (Twitter/@SAMIDefense)

The Saudi Arabian Military Industries (SAMI) has announced that it is acquiring 100% ownership of Advanced Electronics Company (AEC), saying that it will create new opportunities in engineering, development, production, maintenance, and technical support in the Kingdom.

“AEC, one of the most successful homegrown electronics companies in the ME, will further energize our initiatives focused on building a stronger and more dynamic military industries ecosystem in KSA,” Ahmed al-Khateeb, the Chairman of the Board of Directors for SAMI said.

The investment in AEC comes as part of SAMI’s ongoing efforts aimed at increasing local defense manufacturing in Saudi Arabia, in line with the directives of the Saudi Vision 2030, according to the state-owned defense company.

On its Twitter account, SAMI published an infographic explaining that the acquisition will contribute to the engineering, production, and maintenance industries.

The agreement took place in an event in London, with the presence of Ahmed al-Khateeb, Chairman of SAMI, and Sir Roger Carr, Chairman of BAE systems.

“Today’s agreement marks a significant milestone for us, as we advance our efforts to build a strong, dynamic and sustainable military industries sector in Saudi Arabia,” al-Khateeb added.

AEC, which was established under the Saudi Economic Offset Program, was under the ownership of a number of companies, including BAE Systems.

SHOW MORE
Last Update: Tuesday, 25 June 2019 KSA 14:43 - GMT 11:43
Top
BREAKING NEWS

Send to a friend

Close
Saudi Arabian Military Industries acquires ownership of Advanced Electronics Company
Friend's name:
Friend's Email:
Sender's name:
Sender's Email:
Captcha Code
How are we doing?
X

How are we doing?

Name Name *
Email Email *
Country Country
Message Message *
Maximum 550 words allowed