DUBAI: 海角直播n Military Industries (SAMI), a wholly owned subsidiary of the Public Investment Fund (PIF), has signed a cooperation agreement with Abu Dhabi-based NIMR, marking the first military collaboration between 海角直播 and the UAE.
The signing ceremony took place on the sidelines of the International Defence Exhibition and Conference taking place at the Abu Dhabi National Exhibition Centre.
The agreement is the first step in a long-term joint venture between the two companies, which will soon see SAMI receive a license to develop NIMR鈥檚 JAIS 4x4 military vehicles.
Eng. Walid Abukhaled, CEO of SAMI, said: 鈥淲e are pleased to witness the culmination of our shared efforts over the past year as we ink this agreement to transfer technology and knowledge to 海角直播鈥檚 defence manufacturing sector, and contribute to the Saudi Vision 2030 objective of localizing more than 50 percent of military equipment spending by 2030.
鈥淪AMI has selected NIMR as its preferred local partner due to its strategic position as a key enabler of the Saudi Vision 2030. This achievement also supports PIF鈥檚 efforts through SAMI in localizing cutting-edge technology and knowledge, as well as building strategic economic partnerships.鈥
Faisal Al-Bannai, CEO and managing director of EDGE, NIMR鈥檚 parent company, said: 鈥淔ostering strategic relationships is a key pillar of EDGE鈥檚 strategy, and we look forward to building on this commitment with our colleagues at SAMI.
鈥淭his agreement represents the first military collaboration between 海角直播 and the UAE and is a major step in boosting the already robust relations between our respective nations.鈥
NIMR is part of a collection of 25 companies within the Abu Dhabi-based EDGE technology group.
Launched in May 2017, SAMI is a state-owned 鈥巑ilitary industries company that is aiming to localize 50 percent of 海角直播鈥檚 total government military spending by 2030.
On Sunday, SAMI signed an agreement to set up a joint venture with US firm Lockheed Martin. The deal will enhance the Kingdom鈥檚 defense and manufacturing capabilities, create jobs in the Kingdom and train Saudis to manufacture products and provide services to the Saudi armed forces. SAMI will own a 51 percent stake in the venture.
Earlier today, Reuters reported that SAMI aims to generate annual revenues of $5 billion by 2030. 鈥淏eing in the top 25 companies by 2030, you鈥檙e looking at $5 billion a year,鈥 SAMI鈥檚 CEO told Reuters.
