Dubai, United Arab Emirates (CNN) – The Saudi Arabian Military Industries, or SAMI, owned by the Kingdom’s Public Investment Fund, announced the acquisition of AEC, the largest of its kind in the kingdom’s military industries.
SAMI said on its official website that this acquisition “will support SAMI of AEC’s strategy, which aims to expand its business and enter the advanced defense electronics sector, and will contribute to the realization of its plans to transfer and localize domestic military industries technology and strengthen the Saudi defense system, in line with the Kingdom’s Vision 2030 programs. “.
The statement quoted the Chairman of the Board of Directors of the Saudi Military Industries Corporation, Ahmed bin Aqeel Al-Khatib, as saying, “This deal strengthens SAMI’s presence in the defense industries market of strategic importance and supports its plans to transfer and localize the military industries. The acquisition will also enhance the opportunities of the Advanced Electronics Company.” To expand and compete in its field. “
He added, “AEC is the jewel of the military industries in the Kingdom of Saudi Arabia, and a source of pride for the Saudis, as it will contribute to a radical transformation of the defense sector in the Kingdom, by enhancing industrial competencies and accelerating innovation. The experience and collective efforts of both SAMI and AEC, the acquisition will shape the future of the local defense system and contribute to supporting the national economy over the coming years through skills development, job creation, and exports.