International Maritime Industries (IMI), the largest shipyard in the MENA region, and SAMI, a wholly-owned subsidiary of the Public Investment Fund (PIF), have signed a Memorandum of Understanding (MoU) to explore collaborations in the provision of defense vessels and services to the Royal Saudi Naval Forces and other navies in the region. The partnership aims to provide an ‘in-Kingdom’ solution to the Ministry of Defense and Royal Saudi Naval Forces, which will include the construction of defense vessels, as well as the procurement, installation, and integration of mission, combat and weapons systems, with other potential projects in the pipeline.
The MoU was signed in the presence of Mr. Ahmed Al Saadi, Chairman of IMI, by Dr. Abdullah Al Ahmari, President and CEO of IMI and Eng. Walid Abukhaled, CEO of SAMI.
Dr. Abdullah Al Ahmari, President and CEO of IMI, said: “We are proud to partner with an industry leader like SAMI, which is dedicated to supporting the development of the local maritime industry and the fulfillment of Saudi Vision 2030. The agreement will contribute to our broader localization efforts within the Kingdom and lay the foundation for the establishment of a Saudi ‘one-stop-shop’ where all activities will take place.”
Dr. Al Ahmari added: “This important milestone will also enhance our offerings in a range of areas within the defense sector, reflecting our focus on developing strategic partnerships that will help expand our business capabilities. We look forward to supporting the Royal Saudi Naval Forces and other regional navies with our advanced maritime services and offerings.”
Walid Abukhaled, CEO of SAMI, said: “We are pleased to cooperate with IMI. This partnership will undoubtedly contribute to the achievement of SAMI’s key objectives, the expansion of our operational scope, and the realization of our Saudi Vision 2030 goal to localize over 50% of the Kingdom’s military spending. This strategic economic agreement will strengthen relations between the two parties and support our efforts to build national capabilities and support the Kingdom’s defense system.”