Riyadh - Mubasher: The Saudi Arabian Military Industries Company (SAMI) has signed an agreement with Spanish firm Navantia to launch a new joint venture named “SAMI Navantia Naval Industries”.
The new company will design and build five cutting edge “Avante 2200” corvettes, as per a deal signed in April during a visit by Crown Prince Mohammed bin Salman to Madrid.
The deal with the Spanish state-owned shipbuilding company is part the kingdom’s strategy to localize 50% of military spending 2030.
