ABU DHABI: State-owned Saudi Arabian Military Industries (SAMI) signed an agreement on Monday with Spanish state-held shipbuilder Navantia to set up a joint venture to provide combat systems, the new partnership’s chief executive said on Monday.
The SANNI venture, the name of which stands for SAMI Navantia Naval Industries, will integrate and adapt Navantia’s combat management systems for Saudi navy corvette ships, said Antonio Barberan at the IDEX military exhibition in Abu Dhabi.
SANNI is also in talks with other potential customers in the Middle East, he said.
SAMI owns 51 percent of SANNI, with Navantia holding the remaining 49 percent.
In November SAMI and Navantia signed an agreement to jointly manufacture five corvettes for the Saudi navy.
The Saudi Arabian Military Industries (SAMI) is a national holding company owned 100% by the Public Investment Fund (PIF ); a sovereign wealth fund owned by Saudi Arabia.
SAMI develops and supports military industries in Saudi Arabia and plays a major role in localizing the military industries in the Kingdom which is ranked in the top five countries in terms of military expenditures worldwide.
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