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Saudi Press Agency

Saudi Arabian Military Industries & Paramount Group sign high-level collaboraton agreement on defense and security

Saudi Press Agency

Wednesday 1440/10/30 - 2019/07/03

Riyadh, July 03, 2019, SPA -- Saudi Arabian Military Industries (SAMI) and Paramount Group, the global aerospace and technology company, announced the signing of a high-level defence collaboration agreement, in line with the Saudi Arabia's vision for the creation of an integrated defence industrial system.

The multi-level collaboration agreement between SAMI and Paramount Group will see the development of technologies and capabilities across the land, sea and air domains, as well as system integration, as part of the efforts aiming to support the vision 2030, Saudi Arabia's ambitious economic development plan, which aims to augment the domestic share of military equipment expenditure to 50% by 2030.

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.

"Paramount Group has an established track record of working in partnership with customer countries, helping to create local defence industrial capabilities through technology and skills transfer. We believe there are many synergies between our companies that can be leveraged to build the defence industrial capability that Saudi requires", he added.

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.

--SPA
18:39 LOCAL TIME 15:39 GMT
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