Riyadh: The Saudi Arabian military industry (Sami) is going to buy a company that provides defense, energy, ICT, and defense services, which is being called the biggest deal of the private military industries.
According to Arab media reports, Sami’s acquisition of Advanced Electronics Company (AEC) is expected in the first four of 2021. Sami Chairman Ahmed Al-Khatib said that AEC is considered the most important part of Saudi Arabia’s military industries. It is here that the steps taken in the defense sector are decided.
He said that the joint efforts of Sami and AEC would create a defense ecosystem at the local level which would have a lasting impact on the national economy in the years to come.
Chairman Sami said the agreement was in line with Vision 2030, in which up to 50 percent of military equipment is manufactured locally, while 85 percent of AEC employees are currently Saudi, including 500 engineers.
Ahmed al-Khatib said the AEC had been an important part of the Saudi government in developing defense equipment at the local level, adding that it was supporting the Public Investment Fund’s efforts to localize technology through the Sami. At the same time, it is happening for strategic economic partnership.
He aforesaid that Advanced Electronics Company has been related to the military trade since 1988, has over one hundred strategic partners, and has completed more than a thousand projects successfully.