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The Saudi Military Industries Company is continuing to hold trade partnership talks with South African defense firm Denel, which this month said it would not sell a stake to Saudi Arabia.
"The state-owned company is open to entering into partnerships, but it will not sell shares or waive intellectual property rights to Saudi Military Industries, which made a $ 1 billion offer last year for a broad partnership," Deny du Toa, chief executive of Denel, said. (Reuters).
"The talks are continuing," said Andreas Schweir, chief executive of the Saudi company. "Acquiring a stake is just an option but there are still many options." He added that this includes partnership in programs or work on projects in new areas.
The Saudi Military Industries Company was established in 2017 to develop a commercially sustainable defense industry in the Kingdom. The company has signed more than 24 agreements with international companies to develop local industry, and announced this month that the Saudi company will cooperate with South Africa's private Paramount Group.
Saudi Arabia and its allies have received almost half of South African arms exports in the recent period and constitute a large portion of orders in the future.
http://alwasat.ly/news/international/251291
