Saudi Arabian Military Industries (Sami), a wholly owned subsidiary of the Public Investment Fund (PIF), acquired electronics research and defence technologies specialist Advanced Electronics Company (AEC).
The deal, the largest in Saudi Arabia’s military industries sector, is expected to be completed in the first quarter of 2021, Sami said in a statement on Monday.
Following regulatory approvals, AEC will become a 100 per cent Saudi-owned company, it said without giving the financial details of the deal.
“This deal strengthens Sami’s presence in the strategically important defence industries market and supports its plans to transfer and localise the military industries,” Ahmed Al Khateeb, chairman of Sami said. “The acquisition will also enhance AEC’s opportunities to expand and compete in its field.”
Saudi Arabia, Opec’s biggest oil exporter, is pushing to develop its local military industries as part of its Vision 2030 economic diversification plan. The PIF, the kingdom's sovereign wealth fund, plans to localise 50 per cent of the country's total military spending, up from about 2 per cent.
Sami said the acquisition of AEC is in line with its strategic plan, which aims to expand its business and enter the progressive defence electronics sector.
The deal will help Sami’s target of transfer technologies and localise domestic military industries, as well as strengthen Saudi Arabia’s defence ecosystem.
“Sami’s acquisition of AEC stock will help us reach our goals and strategic plans for the next five years,” Abdulaziz Al Duailej, chief executive of AEC, said.
“It also places us under the umbrella of the Public Investment Fund … which constitutes a milestone for the company.”
Established in 1988, AEC operates in fields of modern electronics, manufacturing, system integration and repair and maintenance services. The company has more than 100 strategic partners and has completed more than 1,000 projects in the kingdom.
Its total sales in 2019 reached 2.32 billion riyals ($618.67 million), up from 2.07bn riyals in 2018, according to the Sami statement.
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