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Media IN Riyadh –SPA 3Oth-06-2019
Saudi Arabian Military Industries (SAMI) announced signing a memorandum of agreement (MoA) with South Korean Hanwha Group’s three units; namely Hanwha Corporation, Hanwha Defense, and Hanwha Systems, Saudi Press Agency (SPA) reported on Sunday.
The agreement aims to explore the possibility of establishing a joint venture company (JVC) in the kingdom.
The proposed JVC is set to be established as a limited liability company named as SAMI-Hanwha Munitions Systems LLC to be based in Riyadh.
During the first stage, the entity will focus on producing and selling munitions inside the GCC nation.
The company will later evaluate the possibility of strengthening technological capability and expanding its product lines to include ammunition, weapons, rockets, artillery systems, combat vehicles, defense systems, naval systems, command, control, communications, computers, and intelligence (C4I) systems, and intelligence, surveillance and reconnaissance (ISR) systems.
The CEO of SAMI, Andreas Schwer, said; “With their more than 60 years’ history of active participation in the localisation of imported defence products contributing to Korea’s military self-sufficiency and propelling its economic growth, the Hanwha affiliates are strategic partners for [SAMI] in [its] endeavours aimed at helping achieve the ambitious goals outlined in Saudi Vision 2030,”
