Riyadh – Mubasher: The Saudi Arabian Military Industries (SAMI) aims to localise in excess of 50% of government military purchases in Saudi Arabia by 2030, the company's CEO, Walid Abukhaled, told Asharq News.

SAMI, which is a wholly-owned subsidiary of the Public Investment Fund (PIF), plans to invest between $6 billion and $7 billion in strategic partnerships and projects and complete certain acquisitions over the coming period.

Last year, SAMI acquired Advanced Electronics Company (AEC) as part of the largest military industries deal ever concluded in Saudi Arabia.

The purchase is expected to complete in the first quarter (Q1) of 2021 following regulatory approvals.