PIF unit makes Saudi Arabia’s largest ever private military industry deal

JEDDAH: Saudi Arabian Military Industries (SAMI) is buying a defense, energy, ICT, and security services company in the country’s largest ever military industries deal.

The purchase of the Advanced Electronics Company (AEC) is expected to be completed in the first quarter of 2021 following regulatory approvals.

SAMI, which is a subsidiary of the Public Investment Fund (PIF), announced the deal on Monday during a ceremony attended by senior officials from the Defense Ministry, the General Authority for Military Industries and board members from both companies.