Riyadh – Mubasher: The state-owned Saudi Arabian Military Industries (SAMI) on Monday has signed a memorandum of understanding (MoU) with the US-based L3 Technologies to consider means of cooperation in electro-optical, infrared, (EO/IR) and special mission systems.
The two parties will focus on sustaining, training, manufacturing, research, and development of these industries in the kingdom.
The MoU is part of Saudi Vision 2030 that seeks to enhance the defence industry in the kingdom over the coming years, SAMI added, according to the Saudi Press Agency (SPA).
“The strategic agreement with L3 comes as part of our commitment to supporting the objectives of the Saudi Vision 2030, as we work closely to further develop both the sensor and mission systems industry within the kingdom,” SAMI’s CEO Andreas Schwer said.
Established in 2017, SAMI is owned by the Saudi Public Investment Fund (PIF).
“Establishing this relationship with Sami is an important part of L3’s international growth strategy,” said Stephen F. O’Bryan, L3’s senior vice president and chief Global Business Development officer noted.
The military industry investment is a key part of Saudi Vision 2030 that aims to diversify the GCC nation’s economy and reduce its dependence on oil.
Earlier on Monday, SAMI’s CEO said that the company aims to generate around $10 billion in revenues over the next five years.
