Riyadh's SAMI Agrees to Joint Venture With French Naval Group to Build Warships

© Photo : Youtube/GEORGE GBIDISCassard-class destroyer of the French Navy
Cassard-class destroyer of the French Navy - Sputnik International
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ABU DHABI/BRUSSELS/MOSCOW (Sputnik) - Saudi Arabian Military Industries (SAMI), the state-owned defense company, has signed on Sunday a preliminary agreement with France's Naval Group on the creation of a joint venture for the construction of warships in the kingdom.

"The joint venture will design, build and maintain military ships, which will make a significant contribution to the further expansion of the capabilities and combat readiness of the Royal Saudi Navy", SAMI CEO Andreas Schwer said, commenting on the deal.

Schwer noted that SAMI would be the majority shareholder in the joint venture.

The signing ceremony of the agreement, which provides for the construction of warships, frigates and corvettes, was held on the sidelines of the IDEX-2019 defense exhibition in Abu Dhabi.

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SAMI was established in 2017 to develop the Saudi military industry, and aims to produce domestically half of the weapons needed by the kingdom by 2030, according to the kingdom’s economic development plan initiated by Saudi Crown Prince Mohammed bin Salman.

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