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UAE, Saudi companies sign landmark manufacturing deal.

Summary: Mubadala Investment Company, Sami ink first joint initiative between two nations in advanced manufacturing

Staff Report

Badr Al Olama (right) and Dr Andreas Schwer. (Supplied photo)

Mubadala Investment Company announced a strategic collaboration with the Saudi Arabian Military Industries Company (Sami), the kingdom's aerospace and defence business.

The announcement marks the first joint initiative between Saudi Arabia and the UAE in the field of advanced manufacturing. With Saudi Arabia and Abu Dhabi sharing ambitious plans for industrialisation, including strategies to develop and grow across the aerospace and defence value chain, the collaboration sets out the strategic framework for co-investment and long-term partnership.

Badr Al Olama, director of aerospace and defence at Mubadala, said: "This represents a historic moment for the global aerospace and defense industries in setting up an aligned aerospace and defense strategy between the UAE and Saudi Arabia."

Dr Andreas Schwer, CEO of Sami, added: "[The] partnership between two regional leaders that will leverage the aerospace and defence industries boom in the region to support the Saudi government's efforts to localise at least 50 per cent of the kingdom's military spending."

This strategic collaboration will enable world-class expertise and experience to be deployed immediately following the establishment of a formal cooperation framework agreement.

- business@khaleejtimes.com

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Publication:Khaleej Times (Dubai, United Arab Emirates)
Geographic Code:7UNIT
Date:Feb 16, 2019
Words:224
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