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FinancialNews
04-07-19
SAMI, Paramount Group enter partnership deal
(MENAFN) Saudi Arabian Military Industries (SAMI) secured a deal with South Africa-based Paramount Group on cooperation in the defence field.
Under the agreement, the two sides will be joining hands on the creation of technologies as well as the development of capabilities across land, sea and air domains along with collaboration on system integration.
Chief Executive of SAMI Andreas Schwer stated: "this will contribute significantly to further enhancing the capability of Saudi Armed Forces and increasing local content, in addition to creating new job opportunities and training for Saudi youth."
It comes as Saudi Arabia looks to achieve partnerships with global companies in the field as part of a plan to localize 50 percent of its military expenditure within an eleven-year period.
MENAFN0407201900450000ID1098721828
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