SAMI sign JV agreement with Navantia for 5 corvettes with a 60% localization plan 3 Riyadh

Launched in May 2017, Saudi Arabian Military Industries (SAMI) is a state-owned military industries company working under the directives outlined in the Saudi Vision 2030. Aiming to be among the top 25 military industries companies in the world by 2030, SAMI is expected to play a key role in localizing 50% of the Kingdom's total government military spending.

SAMI is combining the latest technologies and the best national talent to develop military products and services at par with international standards across four business divisions - Aeronautics, Land Systems, Weapons and Missiles, and Defense Electronics. The company is also focused on increasing exports and bringing foreign investment to the Kingdom's military industries sector.

With Saudi Arabia among the world's top five spenders on security and defense, SAMI's targets set forth for 2030 include contributing around SAR 14 billion (USD 3.7 billion) to the Kingdom's GDP, investing over SAR 6 billion (USD 1.6 billion) in research and development, and creating over 40,000 direct jobs locally.

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Source: Saudi Press Agency

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