As part of its strategic efforts to expand its operations in Saudi Arabia, Saudi Arabian Military Industries (SAMI), a wholly-owned subsidiary of the Public Investment Fund (PIF), signed three separate financing agreements with three Saudi banks for a total amount of nearly SR7 billion. This is the first deal of its kind in Saudi Arabia's defense industries sector and will contribute to the company's future projects related to defense industries localization, infrastructure development, acquisitions, and working capital financing. Commenting on the agreements, SAMI CEO Eng. Walid Abukhaled stated, "We are pleased to cooperate with the Saudi banking sector in this massive deal, which is the first of its kind in the defense industries sector of Saudi Arabia. These agreements will support our principal goals and future projects and will strengthen and broaden the scope of our operations. "They also seek to employ local talent in the defense industries sector, thus accomplishing the goals of Saudi Arabia's Vision 2030 of localizing over 50% of defense spending. This deal will also support PIF's efforts, through SAMI, in localizing cutting-edge technology and knowledge as well as building strategic economic partnerships." SAMI CFO Mater Al-Enazi added, "SAMI's ability to acquire substantial financing affirms the confidence of the banking sector in the strength of our operations. The company's targeted growth and the economic feasibility of our future projects confirm our eligibility for this financing. "These agreements will also benefit our society by creating new employment opportunities and supporting the GDP growth, as well as localizing Saudi Arabia's defense industries. "We will continue to build strategic partnerships with leading local and international financial institutions in order to finance many of our projects in the near future, which aim to strengthen the defense industries sector in Saudi Arabia in line with Vision 2030." Since its inception in 2017, SAMI has led the way in developing and supporting the defense industries sector in Saudi Arabia. The company plays a key role in accomplishing sustainability in the defense industries sector and promoting its self-sufficiency by ensuring rapid growth of defense products and services through its five main business divisions, namely SAMI Aerospace, SAMI Land, SAME Sea, SAMI Advanced Electronics, and SAMI Defense Systems. SAMI on Wednesday announced the signing of a number of strategic agreements with international companies in the defense and security industries, during the activities of the World Defense Show, in Riyadh 2022. The agreements were signed by Eng. Abukhaled, and included agreements for maintenance, repair, overhaul, maintenance of aircraft structures, enhancing the Kingdom's capabilities in this field, localizing products through future acquisitions, providing maintenance, and producing and developing defensive missile systems in the Kingdom. The agreements also included the manufacture and localization of four-wheel drive MRAP armored vehicles, as well as the provision of maintenance, repair, overhaul and training services, joint production, and maintenance to promote technology development and increase localization in the Kingdom. They also included discussing potential cooperation opportunities in developing local solutions in the field of military shipbuilding inside the Kingdom, and the development of female cadres to work in the military industries as well as the research and development sector. Furthering its commitment to corporate social responsibility, SAMI signed an agreement with the Martyrs and Wounded, Prisoners and Missing Persons Fund. The agreement aims to create employment opportunities for the fund's beneficiaries in the national defense industry. The agreement was signed by Dr. Saeed Al-Orabi Al-Harthi, advisor to the Minister of Interior and the fund's Secretary General, and SAMI's CEO, in the presence of several officials from both sides. — SPA
