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Tesla Q2 sales down 13.5%

Shares rally after the disclosure, better than some forecasts.

TomTom cuts 300 jobs

The firm said it was realigning its organization as it embraces AI.

Aldar nets $953m in sales at Fahid

Aldar said 42 percent of the buyers are under the age of 45.

Qualcomm to Alphawave for $2.4 bn

The deal makes Alphawave the latest tech company to depart London.

Equinor signs $27 bn gas deal

The 10-year contract was signed with Centrica.

SAMI revenue vaults to $605m

SAMI, ranked 98, has seen a massive 2,898 percent jump in revenue in 2021, compared to a year earlier. (Asharq Al-Awsat)
By TRENDS Desk
August 11, 2022 12:11 pm
  • The firm has made it to the list of the 100 largest defense companies for the year 2022
  • The kingdom has been consolidating companies within SAMI to achieve a 50 percent technology transfer target

The Saudi Arabian Military Industries’ revenue jumped from $20 million in 2020 to $605 million in 2021.

According to Defense News rating, the company has made it to the list of the 100 largest defense companies for the year 2022.

The rise in revenue and the company’s global ranking follow its acquisition of the Advanced Electronics Co. in December 2020.

In line with Vision 2030, the Saudi government has been consolidating companies within SAMI to achieve a 50 percent technology transfer target.

The firm has also attributed its growth to its weapons and missiles business, its emerging technologies division, in addition to its joint ventures including Saudi Aircraft Accessories and Components Co., Navantia and Thales.

 

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