Friday, July 1, 2022
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Saudi Arabia and France signs joint sea project agreement

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Zubair Yaqoob
The author has diversified experience in investigative journalism. He is Chief content editor at wnobserver.com

The Saudi state-owned military company signed a memorandum of understanding with France’s Naval Group on Sunday to set up a joint venture to produce and develop marine systems.

 

The two companies are planning to manufacture marine vessels, frigates and submarines in the kingdom, said Andreas Schwer, chief executive of the Saudi company (SAMI). Saudi Arabia’s military industries, established by the Saudi Public Investment Fund in 2017, will have 51 percent of the joint venture.

 

“Through the design, construction and maintenance activities, the joint venture will significantly contribute to enhancing the capabilities and readiness of the Saudi Royal Navy,” said Shwer.

 

 

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