Saudi Arabia and Spain launch joint venture to build five corvettes

Ahmed Al-Khateeb and Gonzalo Alcazar after the signing ceremony on Tuesday. (SPA)
Updated 08 November 2018
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Saudi Arabia and Spain launch joint venture to build five corvettes

  • The venture will build five Avante 2200 corvettes and combat management systems for the vessels for the Saudi Ministry of Defense
  • The launch of this project comes in line with the crown prince’s announcement that 50 percent of the total military spending will be localized by 2030

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 of Madrid. 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.
With a strategic emphasis on building local capacities, SAMI Navantia Naval Industries will focus on program management, naval combat system integration, system engineering and architecture, hardware design, software development, testing and verifica tion, prototyping, simulation, and modelling, in addition to the installation and integration of combat systems on the last two vessels of the Avante 2200 project, as well as logistical support and training programs.
The launch of this project comes in line with the crown prince’s announcement that 50 percent of the total military spending will be localized by 2030, and the new joint venture will contribute to maintaining the readiness of the Saudi military fleet. In addition, it will create jobs and training opportunities for Saudi nationals.
Alcazar said: “Navantia is proud to be the first company to sign a binding joint venture with SAMI. The creation of this partnership will allow both parties to develop opportunities, both in Saudi Arabia and internationally.” The final stage of the fourth and fifth corvettes will be developed in Saudi Arabia by the joint venture agreed by the two sides.
The Avante 2200 corvettes have been adapted to the Royal Saudi Naval Forces’ requirements, providing high-end performance, including excellent seaworthiness, high survivability, and the capability to operate in the extreme temperatures of the region, all within an optimized lifecycle cost.


Mexican delegation visits Saudi Arabia to promote trade and discuss investment

The Mexican ambassador further declared that his country, like Saudi Arabia, is one of the top 20 economies in the world and is eager to strengthen mechanisms of collaboration in different areas. (SPA)
Updated 17 November 2018
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Mexican delegation visits Saudi Arabia to promote trade and discuss investment

  • The visiting team expressed their desire to benefit from and contribute to the projects presented by the Kingdom’s Vision 2030

RIYADH: A trade delegation from Mexico called on the Saudi business community to strengthen trade partnerships with their counterparts in Mexico and participate in promising opportunities and investment projects in various areas, especially in the construction and infrastructure sectors.
“A delegation from the National Bank for Services and Public Works (BANOBRAS), the most important development bank in Mexico, visited Saudi Arabia to promote investment opportunities that will bring the countries closer together,” Mexican Ambassador Alfredo Miranda told Arab News on Friday.
Miranda accompanied Alejandro Blasco, head of investor relations at BANOBRAS, and Luis Ampudia, deputy head of investor relations, during the meeting at the Council of Saudi Chambers (CSC).
The Saudi delegation was made up of CSC Secretary-General Saud Al-Meshari; Vice Chairman and Managing Director of the Saudi Fund for Development Khalid S. Alkhudairy; and head of stakeholder management of the Public Investment Fund (PIF) Saad A. Alkroud.
During the meetings, the Mexican delegation shared the opportunities available in Mexico for identifying possible public-private partnerships and financing social infrastructure projects, and they discussed the potential of investment opportunities in Mexico as part of the PIF’s international diversified pool, said the envoy.
The visiting team expressed their desire to benefit from and contribute to the projects presented by the Kingdom’s Vision 2030.
The Mexican ambassador further declared that his country, like Saudi Arabia, is one of the top 20 economies in the world and is eager to strengthen mechanisms of collaboration in different areas, taking into account that Mexico’s GDP is $1.1 trillion, has a population of 129 million inhabitants, an inflation rate of 4 percent and very low unemployment of just 4 percent.
“I am sure both countries will continue to work together in order to have more Mexicans in Saudi Arabia and more Saudis in Mexico,” said Ambassador Miranda.