Global aerospace and technology company Paramount Group, has announced the inking of a high-level defence collaboration agreement with Saudi Arabian Military Industries (SAMI), that will further Saudi Arabia’s vision for the creation of an integrated defence industrial ecosystem.
SAMI and Paramount Group will now develop technologies and capabilities across the land, sea and air domains, as well as system integration, in support of Saudi Arabia’s economic development plan called Vision 2030.
Vision 2030 calls for an increase in the domestic share of military equipment expenditure of Saudi Arabia to 50% by 2030. The Paramount Group’s portable manufacturing model has been successfully implemented in a number of countries around the world and this model will also be replicated in Saudi Arabia.
“The collaboration between SAMI and Paramount Group will play a large part in helping to achieve the objectives of Saudi Vision 2030. This will contribute significantly to further enhancing the capability of Saudi Armed Forces and increasing local content, in addition to creating new job opportunities and training for Saudi youth to increase their contribution and raise their role in this vital industry and the national economy in general,” said CEO of SAMI, Dr. Andreas Schwer.
“Paramount Group has, for many years, been a world leader in the development of technology for asymmetrical conflict, primarily from our experience we had in Africa. Both the technology and expertise now have huge relevance to the security realities facing the Middle East. We have also invested very heavily in developing some of the most modern land forces, aviation, and naval platforms in the world. These platforms have allowed us to compete amongst the best in the world for both developed markets, as well as emerging markets,” said Group Chairman of Paramount Group, Ivor Ichikowitz.