Riyadh – Mubasher: South Africa-based Paramount Group is holding discussions with Saudi Arabia’s government to build arms production facilities in the kingdom, company chairman Ivor Ichikowitz said.
The South African defence and aerospace company is also in conversations with a slew of governments in the Middle East in a bid to transfer weapons technology and establish production facilities in these nations, Reuters reported, citing Ichikowitz as saying.
“We see the Middle East as an important growth market for us [and] Paramount was pursuing several campaigns to sell vehicles and aircraft to Middle East countries.” Paramount’s chairman added.
The South African firm plans to implement large investments in Saudi Arabia in the coming two years.
Paramount is specialised in manufacturing aircraft, ships, military vehicles, and weapons systems.
In May 2017, the Saudi Public Investments Fund (PIF) announced establishing the Saudi Arabian Military Industries (SAMI) in an effort to upgrade the arms industry in the GCC nation to be one of the international largest 25 companies by 2030.
