Saudi Arabian Military Industries (SAMI) has inked an agreement with Spanish shipbuilder Navantia to establish a joint venture for five corvette warships, state-owned SPA reported.
Under the agreement, the design and construction of five vessels will start in autumn, and the last vessel will be delivered by 2022.
The deal is forecast to provide 6,000 direct and indirect jobs in the kingdom over five years.
“SAMI remains committed to being a key enabler of the Saudi Vision 2030, and the establishment of this joint venture with Navantia will localise more than 60 percent of ships combat systems works” said SAMI chairman Ahmed Al-Khateeb.
SAMI was formed in May 2017 by sovereign fund the Public Investment Fund to boost the kingdom’s domestic defense industry.
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