Home- Stories -SAMI Secures SAR 7 billion for Major Defence Projects

SAMI Secures SAR 7 billion for Major Defence Projects

Our Bureau - : Mar 10, 2022 - : 2:52 am

As part of its strategic efforts to expand its operations in Saudi Arabia, SAMI, a wholly-owned subsidiary of the Public Investment Fund (PIF), signed three separate financing agreements with three Saudi banks for about SAR 7 billion.

Since its inception in 2017, SAMI has developed and supported the defense industries sector in Saudi Arabia. The company has five main business divisions, namely SAMI Aerospace, SAMI Land, SAME Sea, SAMI Advanced Electronics, and SAMI Defense Systems.

This is the first deal of its kind in Saudi Arabia’s defense industries sector and will contribute to the company’s future projects related to defense industries localization, infrastructure development, acquisitions, and working capital financing.

“These agreements will support our principal goals and future projects and will strengthen and broaden the scope of our operations,” said Walid Abukhaled, CEO of SAMI. “They also seek to employ local talent in the defense industries sector, thus accomplishing the goals of Saudi Arabia’s Vision 2030 of localizing over 50% of defense spending. This deal will also support PIF’s efforts through SAMI in localizing cutting-edge technology and knowledge, as well as building strategic economic partnerships.”

“SAMI’s ability to acquire substantial financing affirms the confidence of the banking sector in the strength of our operations,” said Mater Alenazi, CFO of SAMI. “The company’s targeted growth and the economic feasibility of our future projects confirm our eligibility for this financing. These agreements will also benefit our society by creating new employment opportunities and supporting the GDP growth, as well as localizing Saudi Arabia’s defense industries.”

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