Riyadh – Mubasher: The Saudi Arabian Military Industries (SAMI) has denied signing any deals at the Armed Forces Exhibition for Diversity of Requirements and Capabilities (AFED) 2018, according to company CEO Andreas Schwer.
The kingdom’s Ministry of Defense will, however, sign contracts with SAMI at a value of more than $1 billion, Schwer forecast.
On Sunday, AFED kicked off its fourth edition in Riyadh, including investment opportunities in the fields of manufacturing materials and spare parts.
SAMI's preliminary agreements will allow to it implement Saudisation by 20% or 30% in the military industries, Schwer noted during an interview with Al Arabiya TV.
SAMI’s CEO indicated that the firm hopes to sign the deals ahead of the next summer, while the contracts will last for five or six years.
AFED offers 80,000 investment opportunities at a combined value of SAR 65 billion over the coming five years, said director of the General Directorate of the Ministry of Defense's local manufacturing support Major General Attiya al-Maliki.
