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‘Wadeem’ sold out for $1.49bn

This is the highest Abu Dhabi real-estate release to date.

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.

SAMI of KSA and a French firm set up a joint venture

Fifty-one percent in the joint venture would be owned by Saudi Arabia and 49 percent by France.
By TRENDS Desk
December 4, 2021 10:05 pm
  • The company said that the joint venture’s revenue would reach $200 million by 2030 and the ownership would be divided among the two countries
  • SAMI also signed an agreement with Airbus to form a joint project specialized in military aviation services and maintenance

The Saudi Arabian Military Industries, a subsidiary of the Public Investment Fund, launched a joint venture with French company Figeac Aero and the Saudi Arabian Industrial Investments Co., Dussur, to build a high-precision manufacturing facility in the Kingdom to produce aerostructure components.

The company said that the joint venture’s revenue would reach $200 million by 2030 and the ownership would be divided among the two countries. Fifty-one percent would be owned by Saudi Arabia and 49 percent by France.

SAMI also signed an agreement with Airbus to form a joint project specialized in military aviation services and maintenance, the statement said. As per the deal, the Kingdom would own 51 percent of the joint venture with the European plane maker holding the other 49 percent.

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