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.