Riyadh, KSA – 4 December 2018: The Saudi Arabian Military Industries (SAMI) announced its participation in EDEX 2018 – Egypt Defense Expo, which is being held in Cairo under the patronage of His Excellency Abdel Fattah Al Sisi, President of Egypt, from 3-5 December, at the Egyptian International Exhibition Center. More than 350 companies specializing in military industries and supportive sectors, from 41 countries around the globe, joined the Exhibition.
EDEX was inaugurated by the Egyptian President in the presence of a number of dignitaries, officials from the Egyptian armed forces, military attachés, and media representatives. While touring the Exhibition, President Al Sisi paid a special visit to SAMI’s stand where he was briefed about the Company’s current plans to localize 50% of the Kingdom of Saudi Arabia’s military spending, as well as the various achievements and superior military services delivered throughout the Company’s four specialized business divisions Egyptian President expressed his esteem for the renaissance witnessed in the Saudi military industries.
Dr. Andreas Schwer, CEO of SAMI, expressed his pride in the Company’s presence at the 2018 EDEX. He said: “We are delighted to be part of this huge international event, which is an important platform for exchanging ideas and expertise among decision makers, senior officials, and employees of the military industry around the globe. The Exhibition is a unique opportunity to keep abreast of the latest developments of the world’s leading companies in the field of armament, defense, and military industries.”
He continued: “SAMI’s participation in EDEX is aimed at reinforcing the partnership with the Egyptian military industries sector, a key pillar in supporting the Egyptian economy. The recently signed SAMI-Navantia joint venture will enhance local capabilities in the naval field and further explore new opportunities such as the cooperation on the corvettes and patrol boats programs for the Egyptian Naval Forces. Fully backed by the Saudi government, the joint venture intends to formally participate in those tenders with a regional content of more than 60% of the total contract volume”.
“SAMI is planning to solidify its brand presence in the Egyptian’s promising market as this is an important objective for us. The last four years have witnessed remarkable growth for various companies owned by the Egyptian armed forces. Egypt’s annual defense spending is estimated to hit USD 5.6 billion by 2022,” Dr. Schwer added.
Dr. Schwer went on to say: “We will use our participation in EDEX to boost our strategy of exporting our military products and services to allied countries. It is our target to become one of the world’s top 25 defense companies by 2030.”
SAMI’s stand at EDEX also features an exhibition of NAVANTIS, an advanced Training Integrated System, and one of the products lines to be developed by the SAMI-Navantia joint venture based on Navantia’s expertise. Additionally, four main products fabricated by the Prince Sultan Advanced Tech. Research Institute (PSATRI) are also displayed in SAMI’s stand, including Shaheen and Yamamah airplanes, Manar radars, and the advanced Noise Monitoring System.
SAMI is owned by the Public Investment Fund (PIF) – Saudi Arabia’s sovereign wealth fund. Established in May 2017, SAMI operates four major divisions, including Aeronautics, Land Systems, Weapons and Missiles, and Defense Electronics. In line with the Saudi Vision 2030’s primary objectives, SAMI expects to contribute over SAR 14 billion (USD 3.7 billion) to the Kingdom’s annual gross domestic product, with an investment of over SAR 6 billion (USD 1.6 billion) towards research and development processes, and creation of 40,000 job opportunities for Saudi youth.