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Tue 19 Feb 2019 11:20 AM

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Saudi Arabia's SAMI to generate $10bn in revenue in 5 years

Saudi Arabian Military Industries CEO Andreas Schwer said that exports will account for 30 percent of total revenue by 2030

Saudi Arabia's SAMI to generate $10bn in revenue in 5 years
Saudi Arabian Military Industries wants exports to account for 30 percent of its total revenue by the year 2030.

Saudi Arabia’s state-owned Saudi Arabian Military Industries (SAMI) hopes to generate $10 billion in revenue over the course of the next five years, according to CEO Andreas Schwer.

In an interview with Reuters at IDEX in Abu Dhabi, Schwer said that the company wants exports to account for 30 percent of total revenue by the year 2030.

“By 2030, SAMI will be more than just a regional player,” he said. “We will be a truly global player, to be among the top 10 companies.”

Schwer added that SAMI has signed 19 joint venture deals with companies around the world, with plans to sign an additional 25 to 30 in the next five years.

Additionally, Schwer said the company will undertake a joint venture with Abu Dhabi’s Mubadala to construct aircraft components, with the possibility that a foreign partner joints the venture.

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