Saudi Arabia signs first-ever military deal with UAE

Saudi Arabian Military Industries (SAMI), a wholly owned subsidiary of the Public Investment Fund (PIF), has signed a cooperation agreement with Abu Dhabi-based NIMR, marking the first military collaboration between Saudi Arabia and the UAE. (Supplied)
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Saudi Arabian Military Industries (SAMI), a wholly owned subsidiary of the Public Investment Fund (PIF), has signed a cooperation agreement with Abu Dhabi-based NIMR, marking the first military collaboration between Saudi Arabia and the UAE. (Supplied)
Saudi Arabian Military Industries (SAMI), a wholly owned subsidiary of the Public Investment Fund (PIF), has signed a cooperation agreement with Abu Dhabi-based NIMR, marking the first military collaboration between Saudi Arabia and the UAE. (Supplied)
2 / 5
Saudi Arabian Military Industries (SAMI), a wholly owned subsidiary of the Public Investment Fund (PIF), has signed a cooperation agreement with Abu Dhabi-based NIMR, marking the first military collaboration between Saudi Arabia and the UAE. (Supplied)
Saudi Arabian Military Industries (SAMI), a wholly owned subsidiary of the Public Investment Fund (PIF), has signed a cooperation agreement with Abu Dhabi-based NIMR, marking the first military collaboration between Saudi Arabia and the UAE. (Supplied)
3 / 5
Saudi Arabian Military Industries (SAMI), a wholly owned subsidiary of the Public Investment Fund (PIF), has signed a cooperation agreement with Abu Dhabi-based NIMR, marking the first military collaboration between Saudi Arabia and the UAE. (Supplied)
Saudi Arabian Military Industries (SAMI), a wholly owned subsidiary of the Public Investment Fund (PIF), has signed a cooperation agreement with Abu Dhabi-based NIMR, marking the first military collaboration between Saudi Arabia and the UAE. (Supplied)
4 / 5
Saudi Arabian Military Industries (SAMI), a wholly owned subsidiary of the Public Investment Fund (PIF), has signed a cooperation agreement with Abu Dhabi-based NIMR, marking the first military collaboration between Saudi Arabia and the UAE. (Supplied)
The agreement is the first step in a long-term joint venture between the two companies, which will soon see SAMI receive a license to develop NIMR’s JAIS 4x4 military vehicles. (Supplied)
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The agreement is the first step in a long-term joint venture between the two companies, which will soon see SAMI receive a license to develop NIMR’s JAIS 4x4 military vehicles. (Supplied)
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Updated 22 February 2021

Saudi Arabia signs first-ever military deal with UAE

Saudi Arabia signs first-ever military deal with UAE
  • SAMI-led agreement to license production of cutting-edge armored vehicles

DUBAI: Saudi Arabian Military Industries (SAMI), a wholly owned subsidiary of the Public Investment Fund (PIF), has signed a cooperation agreement with Abu Dhabi-based NIMR, marking the first military collaboration between Saudi Arabia and the UAE.

The signing ceremony took place on the sidelines of the International Defence Exhibition and Conference taking place at the Abu Dhabi National Exhibition Centre.

The agreement is the first step in a long-term joint venture between the two companies, which will soon see SAMI receive a license to develop NIMR’s JAIS 4x4 military vehicles.

Eng. Walid Abukhaled, CEO of SAMI, said: “We are pleased to witness the culmination of our shared efforts over the past year as we ink this agreement to transfer technology and knowledge to Saudi Arabia’s defence manufacturing sector, and contribute to the Saudi Vision 2030 objective of localizing more than 50 percent of military equipment spending by 2030.

“SAMI has selected NIMR as its preferred local partner due to its strategic position as a key enabler of the Saudi Vision 2030. This achievement also supports PIF’s efforts through SAMI in localizing cutting-edge technology and knowledge, as well as building strategic economic partnerships.”

Faisal Al-Bannai, CEO and managing director of EDGE, NIMR’s parent company, said: “Fostering strategic relationships is a key pillar of EDGE’s strategy, and we look forward to building on this commitment with our colleagues at SAMI.

“This agreement represents the first military collaboration between Saudi Arabia and the UAE and is a major step in boosting the already robust relations between our respective nations.”

NIMR is part of a collection of 25 companies within the Abu Dhabi-based EDGE technology group.

Launched in May 2017, SAMI is a state-owned ‎military industries company that is aiming to localize 50 percent of Saudi Arabia’s total government military spending by 2030.

On Sunday, SAMI signed an agreement to set up a joint venture with US firm Lockheed Martin. The deal will enhance the Kingdom’s defense and manufacturing capabilities, create jobs in the Kingdom and train Saudis to manufacture products and provide services to the Saudi armed forces. SAMI will own a 51 percent stake in the venture.

Earlier today, Reuters reported that SAMI aims to generate annual revenues of $5 billion by 2030. “Being in the top 25 companies by 2030, you’re looking at $5 billion a year,” SAMI’s CEO told Reuters.


Enterprise software firm Informatica eyes nearly $9bn valuation in U.S. IPO

Enterprise software firm Informatica eyes nearly $9bn valuation in U.S. IPO
Getty Images
Updated 12 sec ago

Enterprise software firm Informatica eyes nearly $9bn valuation in U.S. IPO

Enterprise software firm Informatica eyes nearly $9bn valuation in U.S. IPO
  • The company said it will be selling 29 million shares priced between $29 and $32 per share

Enterprise software developer Informatica Inc said on Monday it was seeking a valuation of up to $9 billion at the top end of its price range in its U.S. initial public offering.


The company said it will be selling 29 million shares priced between $29 and $32 per share. At the top end of that range, the IPO will rake in $928 million in proceeds.


Redwood City, California-based Informatica, which follows a subscription-based model, was taken private by a consortium that included private equity firm Permira Advisers Ltd and Canada Pension Plan Investment Board.


Goldman Sachs & Co and J.P. Morgan are the lead underwriters for the IPO. 


Qatar signs comprehensive air transport agreement with EU 

Qatar signs comprehensive air transport agreement with EU 
Updated 13 sec ago

Qatar signs comprehensive air transport agreement with EU 

Qatar signs comprehensive air transport agreement with EU 

CAIRO: Qatar signed an air transport agreement with the EU on Monday, the Gulf country’s Minister of Transport and Communications Jassim Said Ahmed Al-Sulaiti said. 

The agreement, which was finalized in Luxembourg, will provide airlines with easy access to markets, with fewer restrictions, and has replaced existing bilateral agreements.

“The agreement is a testimony to Qatar's notable profile in air transportation and that the national carrier has such an active role around the world,” Al-Sulaiti said.


ECZA, SIDF, Emaar EC signs deal to develop KAEC’s ‘Land and Loan’ program

ECZA, SIDF, Emaar EC signs deal to develop KAEC’s ‘Land and Loan’ program
Updated 12 min 49 sec ago

ECZA, SIDF, Emaar EC signs deal to develop KAEC’s ‘Land and Loan’ program

ECZA, SIDF, Emaar EC signs deal to develop KAEC’s ‘Land and Loan’ program

RIYADH: Saudi Arabia's Economic Cities and Special Zones Authority (ECZA) signed a memorandum of understanding (MoU) with the Saudi Industrial Development Fund (SIDF) and Emaar Economic City (EEC) to enhance the investment environment in King Abdullah Economic City (KAEC).

"The tripartite cooperation agreement aims to promote the industrial and logistics integration initiative at KAEC to further build on ‘Land and Loan’ program to attract valuable investments to KAEC’s logistics sector," according to a statement.


Facebook plans to hire 10,000 in EU to build 'metaverse'

Facebook plans to hire 10,000 in EU to build 'metaverse'
Getty Images
Updated 16 min 6 sec ago

Facebook plans to hire 10,000 in EU to build 'metaverse'

Facebook plans to hire 10,000 in EU to build 'metaverse'
  • Using technologies such as virtual and augmented reality Facebook plans to create a greater sense of "virtual presence"

Facebook Inc plans to create 10,000 jobs in the European Union over the next five years, the social media giant said on Monday, to help build the so-called metaverse - an online world where people can use different devices to move and communicate in a virtual environment.


Chief Executive Mark Zuckerberg has been talking up metaverse since July and the buzzy word, first coined in a dystopian novel three decades earlier, has been referenced by other tech firms such as Microsoft.


"No one company will own and operate the metaverse," Nick Clegg, Facebook's vice president of global affairs, wrote in a blog post.

"Bringing this to life will take collaboration and cooperation across companies, developers, creators and policymakers."


Using technologies such as virtual and augmented reality Facebook plans to create a greater sense of "virtual presence", which will mimic the experience of interacting in person.


The coronavirus pandemic has shifted much of the office meetings online, leading to the rise of conferencing apps such as Zoom, and big tech companies are looking to capitalize on this shift.


Facebook, which has invested heavily in virtual reality (VR) and augmented reality (AR), including buying companies like Oculus, intends to connect its nearly three billion users through several devices and apps.


Zuckerberg believes the metaverse would be accessible across VR, AR, PC, mobile devices and game consoles.


It has already committed $50 million for building the metaverse, and testing a new remote work app where users of Oculus Quest 2 headsets could hold meetings as avatar versions of themselves.


While Facebook did not say what roles it would hire for and where they would be based, the company has been facing antitrust probes in the region, and is often criticised over online safety and hate speech on its platform.


"We look forward to working with governments across the EU to find the right people and the right markets to take this forward, as part of an upcoming recruitment drive across the region," Clegg wrote.


Qatar Gas Company starts work on $29bn project to boost LNG production

Qatar Gas Company starts work on $29bn project to boost LNG production
Updated 16 min 26 sec ago

Qatar Gas Company starts work on $29bn project to boost LNG production

Qatar Gas Company starts work on $29bn project to boost LNG production
  • The state-owned firm plans to increase liquified natural gas (LNG) production capacity to 110 million tons per year from 77 million tons

CAIRO: Qatar Gas Company announced it has started with its $29 billion project to build four new natural gas production lines in the industrial city of Ras Laffan, Asharq reported.

The state-owned firm plans to increase liquified natural gas (LNG) production capacity to 110 million tons per year from 77 million tons.

“The project aims to preserve Qatar’s global leadership in LNG production,” the company said on its Twitter account.

Production is expected to start by the end of 2025, and total daily output is expected to hit around 1.4 million barrels of oil equivalent per day.