Riyadh – Mubasher: The Saudi Arabian Military Industries Company (SAMI) has acquired a 100% stake in the Advanced Electronics Company (AEC), Saudi Gazette reported.

The deal was signed during a joint official function between Saudi Arabia and the UK held in London.

The acquisition comes along with SAMI’s efforts to prop up local Saudi industries in line with Saudi Vision 2030.                                       

“Defense electronics are deemed an important element in the defence sector. Therefore, acquiring full ownership of AEC places SAMI on the map of global defence industries and supports our ambitions in this sector. It will also contribute to increasing the local content and stimulating economic growth in general,” Ahmed Bin Aqeel Al Khateeb, chairman of SAMI, said.

Established in 1988, AEC is a Riyadh-based private sector firm concerned with engineering, development, manufacturing, repair and technical support across defence, information communications technology (ICT), energy, cybersecurity, and high-tech fields.