New agreement will help achieve defence industry targets set in Saudi Vision 2030
Saudi Arabian Military Industries (SAMI) and Paramount Group have signed a collaboration agreement as part of the country’s efforts to develop 50 percent of its domestic defence industry by 2030.
Under the deal SAMI and Paramount Group, South Africa’s global aerospace and technology company, will work together to develop technologies and capabilities across the land, sea and air domains, as well as system integration.
CEO of SAMI, Dr Andreas Schwer, said: “The collaboration between SAMI and Paramount Group will play a large part in helping to achieve the objectives of Saudi Vision 2030. This will contribute significantly to further enhancing the capability of Saudi Armed Forces and increasing local content, in addition to creating new job opportunities and training for Saudi youths to increase their contribution and raise their role in this vital industry in particular and the national economy in general.”
The Saudi armed forces are among the world’s leading weapons buyers, a role often cited by President Donald Trump to defend America’s close alliance with the kingdom.
Despite a 12 percent cut in budget this year, its armed forces was still allocated SR191 billion ($51 billion) for 2019.
Chairman of Paramount Group, Ivor Ichikowitz, said: “Saudi Arabia is important to Paramount Group as much of the technology that we have created over the years has been developed with the Middle East in mind. We share the vision of HRH the Crown Prince and his economic development plan.”