ASELSAN signs deal with Saudi tech firm to create Saudi defense company
by Daily Sabah
ISTANBULFeb 23, 2016 - 12:00 am GMT+3
by Daily Sabah
Feb 23, 2016 12:00 am
ASELSAN and the Saudi Arabian public company TAQNIA Defense and Security Technologies (DST), have signed a partnership deal to establish the Saudi Arabian Defense Electronics Company. This common company aims to meet the demand for defense technology in Saudi Arabia and throughout the region by enabling the design, development, production and sales of power plants, radar, electronic weaponry and electro-optic technologies with highly advanced technologic infrastructure and hardware.
An important partnership was established during the first defense industry exhibition for the Saudi Arabian Armed Forces organized in Riyadh, Saudi Arabia, under the sponsorship of TAQNIA holding. ASELSAN, as Turkey's leading company in the defense industry and also a subsidiary of the Turkish Armed Forces' Foundation has joined powers with the Saudi Arabian public company TAQNI DST placing their combined expertise under the umbrella of the newly established Saudi Arabian Defense Electronics Company. The limited company will be established in Saudi Arabia with 50 percent partnership held by both parties. The agreement was signed by Hamad Alyousefi of TAQNIA DST and ASELSAN's CEO Mustafa Murat Şeker, with King Abdülaziz, the president of the Saudi Arabian Science and Technology Center (KACST),TAQNIA's CEO Prince Turki Saud Bin Mohammed Bin Al-Saud and the Turkish Defense Industry undersecretariat İsmail Demir signing as witnesses to the agreement. Executives from both countries attended the signing ceremony.
The Turkish Defense undersecretariat noted that this agreement will contribute immensely to the strategic cooperation which both countries have implemented in the areas of defense, the economy and investment. "This crucial partnership established between Turkey and Saudi Arabia will play an important role in improving regional security, stability and peace," said Demir.