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FinancialNews
01-07-19
SAMI to set up JV with Hanwha in KSA
(MENAFN) A memorandum of agreement was penned between Saudi Arabian Military Industries (SAMI) and three affiliates of Hanwha Group, a major business conglomerate based in South Korea.
Hanwha Corporation is among the affiliates, alongside Hanwha Defense Co. Ltd., and Hanwha Systems Co. Ltd.
Sides involved in the agreement will be setting up a joint venture company (JVC) in Saudi Arabia, as part of SAMI efforts to strengthen the localization of domestic military industries.
"We are pleased to join forces with Hanwha Corporation, Hanwha Defense, and Hanwha Systems to help advance the Kingdom's domestic aerospace and defense industries," stated CEO of SAMI Dr. Andreas Schwer.
MENAFN0107201900450000ID1098708148
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