France, S.Arabia agree JV to enhance Saudi navy

Sunday, 17. February 2019 18:25

Saudi state-owned company Saudi Arabian Military Industries (SAMI) and France's Naval Group, in which the French government holds a majority stake, announced on Sunday they signed a memorandum to set up a joint venture which will focus on improving the Saudi navy.

"Through design, construction, and maintenance activities, the joint venture will contribute significantly to further enhancing the capabilities and readiness of our Royal Saudi Naval Forces," SAMI CEO Andreas Schwer stated.

Earlier in the week, Naval Group struck a $50 billion strategic partnership with Australia which will involve the French company building 12 highly-advanced and modern submarines for Australia.

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Breaking the News / NP