Saudi Arabia and Spain launch joint venture to build five corvettes

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The venture will build five Avante 2200 corvettes and combat management systems for the vessels for the Saudi Ministry of Defense. (SPA)
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The venture will build five Avante 2200 corvettes and combat management systems for the vessels for the Saudi Ministry of Defense. (SPA)
Updated 07 November 2018
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Saudi Arabia and Spain launch joint venture to build five corvettes

  • A signing ceremony was held in Riyadh on Tuesday attended by Ahmed Al-Khateeb, chairman of SAMI, and the chairman of Navantia, Gonzalo Alcazar

JEDDAH: The Saudi Arabian Military Industries company (SAMI) and the Spanish state-owned shipbuilding company have launched a joint venture to design and build five cutting edge corvettes.

SAMI and Navantia S.A. signed an agreement in April to create SAMI Navantia Naval Industries during a visit by Crown Prince Mohammed bin Salman to the Spanish capital.

The venture will build five Avante 2200 corvettes and combat management systems for the vessels for the Saudi Ministry of Defense.

A signing ceremony was held in Riyadh on Tuesday attended by Ahmed Al-Khateeb, chairman of SAMI, and the chairman of Navantia, Gonzalo Alcazar.

The new project is expected to contribute to efforts by the Saudi Arabian Military Industries company to localize 50 percent of military spending in line with Vision 2030.

The manufacture of the marine combat systems will be carried out in the Kingdom along with system engineering and design, hardware and software development and testing.

 


Dubai carrier Emirates reports 86% plunge in first-half profit

Updated 42 min 4 sec ago
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Dubai carrier Emirates reports 86% plunge in first-half profit

DUBAI: Emirates airline on Thursday reported an 86 percent fall in first-half profit, as higher fuel costs and unfavorable currency exchange rates eroded earnings.
Emirates, the world’s biggest long-haul airline, made 226 million dirhams ($62 million) in the six months to Sept. 30, compared to 1.7 billion a year earlier.
Revenue rose 10 percent to 48.9 billion dirhams.
Chief Commercial Officer Thierry Antinori warned on Tuesday earnings would be squeezed by higher fuel costs and a strong dollar. Concerns about the global economy and political instability had also weakened profit, he said.