Sami builds up Saudi local defence industry, PIF creates new security firm

The Public Investment Fund (PIF)’s Saudi Arabian Military Industries (Sami) subsidiary in late December said it had acquired Advanced Electronics Company (AEC) as “part of the largest military industries deal ever concluded” in the kingdom. The purchase of the local/UK venture, after which AEC will be 100% Saudi-owned, should be completed by end-March following regulatory approvals. The acquisition (#TheMajorDeal) was announced during a ceremony attended by officials from the PIF, Sami, AEC, BAE Systems Saudi Arabia, General Authority for Military Industries and the Ministry of Defence.