SAMI secures SAR 7 billion for major future projects

This is the first deal of its kind in Saudi Arabia’s defense industries sector and will contribute to the company’s future projects related to defense industries localization, infrastructure development, acquisitions, and working capital financing.

Walid Abukhaled, CEO of SAMI, said: “We are pleased to cooperate with the Saudi banking sector in this massive deal, which is the first of its kind in the defence industries sector of Saudi Arabia. These agreements will support our principal goals and future projects and will strengthen and broaden the scope of our operations. They also seek to employ local talent in the defence industries sector, thus accomplishing the goals of Saudi Arabia’s Vision 2030 of localising over 50% of defence spending. This deal will also support PIF’s efforts through SAMI in localising cutting-edge technology and knowledge, as well as building strategic economic partnerships.”

Mater Alenazi, CFO of SAMI, added: “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.”