Saudi Arabian Military Industries (SAMI) has announced it has acquired Advanced Electronics Company (AEC) as part of the largest military industries deal ever concluded in Saudi Arabia.
SAMI, a wholly owned subsidiary of the Public Investment Fund (PIF), confirmed the purchase is expected to be completed in the first quarter of 2021 following regulatory approvals.
“This deal strengthens SAMI’s presence in the strategically important defense industries market and supports its plans to transfer and localize the military industries. The acquisition will also enhance AEC’s opportunities to expand and compete in its field,” said Ahmed al-Khateeb, Chairman of SAMI.
Since 1988, AEC has played a significant role in the fields of modern electronics, manufacturing, system integration, and repair and maintenance services.
Commenting on the deal, AEC’s CEO Abdulaziz al-Duailej said the acquisition of will help them reach their goals and strategic plans for the next five years.
“It also places us under the umbrella of the Public Investment Fund (PIF), the KSA’s sovereign wealth fund, which constitutes a milestone for the company and fills us with pride as directors and employees,” he said.