February 17, 2019 / 10:58 AM / a year ago

Saudi, French groups sign preliminary deal for naval joint venture

ABU DHABI, Feb 17 (Reuters) - State-owned Saudi Arabian Military Industries (SAMI) and France’s Naval Group signed a memorandum of understanding on Sunday to form a joint venture to produce and develop naval systems.

The two companies plan to manufacture warships, frigates, and submarines in Saudi Arabia, SAMI’s Chief Executive Andreas Schwer said.

SAMI, launched by the kingdom’s Public Investment Fund in 2017, will hold 51 percent of the joint venture.

“Through design, construction and maintenance activities the joint venture will contribute significantly to further enhancing the capabilities and readiness of Royal Saudi Naval Forces,” Schwer said. (Reporting by Stanley Carvalho; Writing by Nafisa Eltahir; Editing by Mark Potter)

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