Minister of Industry and Mineral Resources Bandar Alkhorayef
The acquisition of Advanced Electronics Company (AEC) by Saudi Arabian Military Industries (SAMI) will accelerate the sector's transition to the next phase and positively impact the local content, said Minister of Industry and Mineral Resources Bandar Alkhorayef.
The impact will not be limited to the military industry sector and include the industrial sector in general, as some military industries have civilian applications, the minister told Al-Ekhbariya TV.
He also stressed that the acquisition is a key step towards achieving the military-industrial sector's targets to reach 50% of local content.
The acquisition further strengthens AEC's growth and closeness to the military sector, especially for the sector's customers, along with the company's ability to develop products capitalizing on its existing experiences.
Earlier today, SAMI, a wholly owned subsidiary of the Public Investment Fund (PIF), announced AEC's acquisition as part of the largest-ever military industries deal concluded in the Kingdom.
The takeover, which is expected to be completed in Q1 2021, subject to obtaining regulatory approvals, will make AEC a 100% Saudi-owned company.
Comments
{{DisplayName}}
{{ElapsedTime}}