Saudi Arabian Military Industries (SAMI) and Paramount Group announced the signing of a high-level defence collaboration agreement. This multiple collaboration agreement will see the development of technologies and capabilities across the land, sea and air domains, as well as system integration, in support of Vision 2030, Saudi Arabia’s economic development plan, which sets an ambitious objective to increase 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 youth to increase their contribution and raise their role in this vital industry and the national economy in general.”
“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 the Crown Prince and his economic development plan,” said Ivor Ichikowitz, Group Chairman of Paramount Group, on this occasion. “We are sensitive to the requirements of our customers to establish strategic industrial capability and put a strong focus on assisting governments in creating domestic manufacturing capacity.”