Saudi Arabian Military Industries (SAMI) announced at the World Defense Show (WDS) in Riyadh on 9 March that it had secured SAR7 billion (USD1.86 billion) in financing support from three Saudi banks.
The agreements were made with Saudi National Bank, Banque Saudi Fransi, and Gulf International Bank – Saudi Arabia, and represented the first major investment by Saudi banks in the defence sector.
SAMI's chief financial officer, Mater Alenazi, said in a statement that “SAMI's ability to acquire substantial financing affirms the confidence of the banking sector in the strength of our operations. 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 localising Saudi Arabia's defence industries. We will continue to build strategic partnerships with leading local and international financial institutions in order to finance many of our projects in the near future, which aim to strengthen the defence industries sector in Saudi Arabia in line with Vision 2030”.
Looking to read the full article?
Gain unlimited access to Janes news and more...
