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2019/6/30
Saudi Military Industries (SAMI) has signed a memorandum of understanding with three companies of the South Korean giant Hanwa Group to discuss the possibility of setting up a joint venture in the kingdom in a move to boost its commitment to Saudi military industrialization.
The agreement was signed by the Chief Executive Officer of Saudi Military Industries Andreas Schweer and Hanwha Defense CEO Song Soo Lee, who represents the Hanwa companies.
The proposed project is to be established as a limited liability company under the initial name of Sami-Hanwa Ammunition Systems and will be based in Riyadh. The initial stages of the project will focus on the manufacture and sale of munitions within the Kingdom.
During the next phases of the joint project, the project will also assess the possibility of strengthening the project's technical capacity and expanding production lines to include ammunition, weapons, missiles, artillery systems, combat vehicles, defense systems and naval systems, command and control systems, communications, computer and intelligence, and intelligence and surveillance systems.
The chief executive of the Saudi Military Industries Company said that the agreement aims to strengthen the air and military industries in the Kingdom.
He pointed out that the great efforts made by the Hanwa companies for more than 60 years contributed to the settlement of defense products imported from abroad in the self-sufficiency of the Republic of Korea and promote economic growth.
"The three Hanwa arms are a strategic partner for us in our endeavors to achieve the objectives of the Kingdom's Vision 2030, and we are confident that this cooperation will greatly benefit the Kingdom's economy."
SAMI, founded in May 2017, is a national company owned by the Public Investment Fund (PIF), which operates four major business units - air systems, ground systems, weapons and missiles, and defense electronics.
https://al-ain.com/article/military-manufacturing-saudi-arabia
