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

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.

 


UAE central bank backs anti-money laundering

Updated 25 September 2020

UAE central bank backs anti-money laundering

  • Move to safeguard financial stability in COVID-hit economy

DUBAI: The UAE central bank has said that banks should increase anti-money laundering efforts to safeguard financial stability in the country.

“To mitigate the risk of financial crimes . . . banks are urged to put more efforts towardcombating money laundering and financing of terrorism,” it said in a statement.

The bank said more than 300,000 individuals, close to 10,000 small and medium enterprises, and more than 1,500 private companies, had benefited from a 50 billion dirhams ($14 billion) liquidity scheme introduced to cushion against the impact of the COVID-19 pandemic.

On Wednesday, the UAE reported its highest daily number of coronavirus infections since the start of the pandemic.

FASTFACT

 

The UAE Central Bank expects the country’s economy to contract by 5.2 percent this year.

In a separate report, the central bank said this week that the UAE economy would likely contract by 5.2 percent this year, revising down a previous 3.6 percent contraction forecast, as virus containment measures hurt sectors such as trade and tourism.

It said that manufacturing production shrank “due to supply chain disruptions, limited export opportunities and subdued domestic demand.”

The UAE said on Thursday that it would resume issuing visas to foreign visitors to all seven of its regions after a six-month suspension imposed due to the pandemic, state media reported.

Dubai, the region’s tourism and business hub and one of the seven emirates that make up the UAE, had already lifted its own visa ban in July.

The Federal Authority for Identity and Citizenship said in a statement carried in state media that the decision was taken as part of the easing of COVID-19 restrictions in the Gulf state as well as efforts to support economic recovery plans.

All six Gulf Arab countries have lifted internal curfews and lockdowns, but restrictions on gatherings and foreign travel remain in the oil-producing region, where the total number of COVID cases stands at more than 800,000, with more than 6,800 deaths.