The Saudi Arabian Military Industries (SAMI), a wholly owned subsidiary of the Public Investment Fund, has launched a new joint venture with L3 Harris Technologies, one of the world’s largest aerospace and defense systems manufacturers, in an effort to accelerate the company’s business growth by developing advanced communications systems. , Sensors, and integrated mission systems that support the Saudi armed and security forces. The scope of the joint project will focus on localizing the advanced products of “L3 Harris” for communications and sensors. It will also expand to include the responsibilities of the main contractor for integrated mission systems and platforms, and to benefit from well-established local industrial partnerships. The two parties also look forward to cooperation in a number of other areas. Such as: technical training programs specialized in operation and maintenance, production transfer, and technology transfer through research and development programs related to approved technologies. The CEO of the Saudi Military Industries Corporation, Eng. Walid bin Abdul Majeed Abu Khaled, expressed his happiness to work with the world-leading company, “L3 Harris Technologies”, through this joint project, which opens promising opportunities for transferring technology and expertise to the Kingdom.
For his part, Vice President of “L3 Harris” International, Charles R. Davis, said: “The launch of the joint venture constitutes an important stage in our journey towards establishing a long-term presence in the Kingdom. We also look forward to continuing to work with the company and support it in empowering the military industries sector and providing The Kingdom has advanced military capabilities and world-class research and development activities. L3 Harris Technologies is the first US defense company to establish a registered, fit-to-operate joint venture with SAMI.
On the other hand, the General Authority for Competition announced that it had no objection to the completion of the economic concentration process between SAMI and the Advanced Electronics Company Ltd. The Competition Authority indicated, through its official account on “Twitter”, that the focus includes SAMI’s acquisition of all partners’ shares in the Advanced Electronics Company.