(MENAFN- Saudi Press Agency)
Riyadh, Safar 29, 1440, Nov 7, 2018, SPA -- Saudi Arabian Military Industries (SAMI) and Navantia S.A. announced the launch of their joint venture, 'SAMI Navantia Naval Industries,' following the agreement signed by both parties to design and build 5 Avante 2200 corvettes with Combat Management System for the Ministry of Defense of Saudi Arabia. The realization of this deal came about during the visit of His Royal Highness Prince Mohammed bin Salman bin Abdulaziz, Crown Prince, Vice President of the Council of Ministers and Minister of Defense, to the Spanish capital, Madrid, in April this year.
The signing, which took place yesterday, and the official launch of the new joint venture was made by Ahmed Al-Khateeb, Chairman of SAMI, and Gonzalo Mateo-Guerrero Alcazar, Chief Operating Officer of Navantia S.A., along with officials from both entities.
With a strategic emphasis on building local capacities, SAMI Navantia Naval Industries will focus on program management, naval combat system integration, system engineering and architecture, hardware design, software development, testing and verification, prototyping, simulation, and modelling, in addition to the installation and integration of combat systems on the last two vessels of the Avante 2200 project, as well as the logistical support and training programs.
The launch of this project comes in line with the announcement of HRH Crown Prince Mohammed bin Salman bin Abdulaziz to localize 50% of the total military spending by 2030, and the new joint venture will contribute to maintaining the readiness of the Saudi military fleet. In addition, it will create jobs and training opportunities for Saudi nationals.
For his part, the Chief Operating Officer of Navantia S.A. said: 'Navantia is proud of being the first company to sign a binding Joint Venture with SAMI. The creation of this partnership will allow both parties to develop opportunities, both in Saudi Arabia and internationally.'
The final stage of the fourth and fifth corvettes will be developed in Saudi Arabia by the Joint Venture agreed by the two sides.
The Avante 2200 corvettes have been adapted to the Royal Saudi Naval Forces requirements, providing high-end performances, including excellent seaworthiness, high survivability, as well as the capability to operate in the extreme temperatures of the region, all within an optimized lifecycle cost.
--SPA
18:07 LOCAL TIME 15:07 GMT
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