Saudi Arabian Military Industries and France's Naval sign deal to build warships in the Kingdom
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Sun, 2019-02-17 13:32 DUBAI: State-owned Saudi Arabian Military Industries (SAMI) and France’s Naval Group signed a memorandum of understanding Sunday, said Al-Arabiya. Reuters said Paris and Riyadh agreed to manufacture warships, frigates, and submarineSaudi Arabian Military Industries and France's Naval sign deal to build warships in the Kingdom
Sun, 2019-02-17 13:32 DUBAI: State-owned Saudi Arabian Military Industries (SAMI) and France’s Naval Group signed a memorandum of understanding Sunday, said Al-Arabiya. Reuters said Paris and Riyadh agreed to manufacture warships, frigates, and submarines in Saudi, Al-Arabiya added. The parties also agreed to produce and develop naval systems. The Saudi 2030 Vision is highly reliant on the contribution of SAMI to the GDP. According to the vision, the plan is to nationalize 50% of the military spending, and increase the contribution of the private sector to the GDP by 40-65%. Public Investment Fund of Saudi Arabia expects SAMI to contribute almost $240 million to the national GDP by 2020, and to create 5,000 new jobs. SAMI is set to become one of the top 25 manufacturers in the military industry globally, combining latest technologies and best expertise to produce military equipment according to international standards and aid the development of the Saudi army. The company’s strategy is based on implementing best practices from extensive studies in the industry, and collaborating with national and international partners. SAMI designed their areas of operation to increase profitability and nationalization of the industry. Main category: Saudi ArabiaTags: SaudiFranceMilitarymemorandum of understanding (MoU) Saudi-Pak Ties: “One of the closest relationships in the world”Pakistan welcomes reduction in Saudi visa fees Read more