The Saudi Military Industries Company revealed the signing of a joint venture agreement with “Airbus” in the field of services, maintenance, repair and overhaul in the military aviation sector.
In a statement, the Saudi company explained that the capital of the joint venture will reach $200 million by 2030 and will be divided between 51% for the Saudi side and 49% for the French side represented by Airbus.
The company indicated that “the joint venture with “Airbus” will play a pivotal role in developing the local military industries sector as a step to achieve self-sufficiency for the Saudi defense system, create job opportunities for national competencies, and advance economic development in line with the objectives of Saudi Vision 2030.”
The joint venture will contribute #SAMIAus In enhancing operational readiness, improving logistics and supply chain support, enhancing local design and capacity development activities, and reducing reliance on external engineering support within the military industries system in the Kingdom of Saudi Arabia. pic.twitter.com/YLDhy2jhKl
— Saudi Military Industries (@SAMIDefense) December 4, 2021
The Saudi Military Industries Company had announced the launch of a joint venture with the French company Vijac Aero and Saudi Dussur to build an aircraft structure factory in the Kingdom.
Source: RT + “Reuters”