Saudi Arabian Military Industries, wholly owned by the Public Investment Fund, has completed the acquisition of AEC, making AEC a 100% Saudi company.
According to Arabiya Net, this acquisition is the largest of its kind at the level of the private sector in the field of military industries in the Kingdom.
The Chairman of the Board of Directors of the Saudi Arabian Military Industries, Ahmed bin Aqeel Al-Khatib, said in a statement on the company's website that the deal strengthens SAMI's presence in the defense industry market. Of strategic importance and supports its plans to transfer and localize the military industries, and the acquisition will enhance AEC's opportunities to expand and compete in its field.
Al-Khatib affirmed the Minister of Defense's support for the transfer and resettlement of military industries as a key part of the Kingdom's Vision 2030, and this achievement undoubtedly contributes to the efforts of the Public Investment Fund through SAMI In localizing the latest technologies and knowledge, as well as building strategic economic partnerships.
and continued: AEC is the jewel of the military industries in the Kingdom of Saudi Arabia, and a source of pride for the Saudis, as it will contribute to a radical transformation in the defense sector in the Kingdom, This is done by enhancing industrial competencies and accelerating innovation. Drawing on the latest products, innovative technologies, decades of experience and collective efforts of both SAMI and AEC, the acquisition will shape the future of the local defense system and contribute to supporting the national economy over the coming years through skills development, job creation, and export.
AEC is a major supporter of the Kingdom's Vision 2030, thanks to its 32 years of experience in the military industry market and the leading role it plays in defense, space and the development of domestic security systems .
The acquisition will enable SAMI to boost its defense electronics sector, as well as facilitate technology transfer and boost local production.
This, and SAMI's acquisition of AEC, will support its strategy, which aims to expand its business and enter the advanced defense electronics sector, and will contribute to the realization of its plans to transfer domestic military industries technology Localizing it and strengthening the Saudi defense system, in line with the directives of the Kingdom's Vision 2030.
The CEO of AEC, Abdulaziz bin Abdullah Al-Duaij, said that the acquisition by the Saudi Arabian Military Industries SAMI of all ...
