(MENAFN) On Sunday, the Saudi Arabian Military Industries Company (Sami) contracted new agreements with France and UAE to enhance its defense capabilities and vary its economy away from oil.
The two deals, one with the French company Naval Group and the other with the UAE based Mubadala Investment Company were proclaimed on the margins of International Defence Exhibition, Idex 2019 that got happening on Sunday.
Saudi Arabia will produce warships, frigates and submarines as part of the pact contracted with Naval Group, Dr Andreas Schwer, the chief executive officer of Sami stated during a press conference on the sidelines of Idex.
Dr Schwer emphasized, "Our joint venture agreement with Naval group laid the foundation of a strategic partnership that will reinforce Sami's commitment to helping Saudi Arabia develop self-sufficient defence capabilities".
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