Riyadh – Mubasher: The Saudi Military Industries Company (SAMI) and Singapore-based global technology, defence, and engineering group ST Engineering signed a memorandum of understanding (MoU) on the sidelines of the Paris Air Show in a bid to explore business opportunities in Saudi Arabia, Saudi Press Agency (SPA) reported.

Both parties will collaborate in the sectors of the systems of land, aviation, marine, electronics, weapons, and ammunition as well as future systems.

“We are keen on increasing exports and attracting foreign direct investments as targeted in the Vision 2030. We are desirous to take advantage of the expertise and capabilities of ST Engineering Group so as to contribute to our overall goal of establishing a sustainable military industry sector in the Kingdom,” Andreas Schweer, CEO of SAMI, commented on the deal.

Signing the deal comes along with SAMI’s commitment to building and stepping up industrial partnerships in an effort to boost the momentum of Saudi Arabia’s transformation towards localisation of half of its military spending.

The Saudi-based military company aims at raising local production in the defence sector.

“We are confident that we will be able to identify areas where ST Engineering can provide strong and valuable support to our customers,” Vincent Chong, CEO of ST Engineering, said.