• Reinforces IMI’s commitment to the localization of the KSA maritime industry

Riyadh, Saudi Arabia – International Maritime Industries (IMI), the largest shipyard in the MENA region, and SAMI, a wholly-owned subsidiary of the Public Investment Fund (PIF), have signed a Memorandum of Understanding (MoU) to explore collaborations in the provision of defense vessels and services to the Royal Saudi Naval Forces and other navies in the region. The partnership aims to provide an ‘in-Kingdom’ solution to the Ministry of Defense and Royal Saudi Naval Forces, which will include the construction of defense vessels, as well as the procurement, installation, and integration of mission, combat and weapons systems, with other potential projects in the pipeline.

As a preliminary step, IMI and SAMI will engage in discussions on how best to position a future localized offering to the Saudi Armed Forces and Security Forces.

The MoU was signed in the presence of Mr. Ahmed Al Saadi, Chairman of IMI, by Dr. Abdullah Al Ahmari, President and CEO of IMI and Eng. Walid Abukhaled, CEO of SAMI.

Dr. Abdullah Al Ahmari, President and CEO of IMI, said: “We are proud to partner with an industry leader like SAMI, which is dedicated to supporting the development of the local maritime industry and the fulfillment of Saudi Vision 2030. The agreement will contribute to our broader localization efforts within the Kingdom and lay the foundation for the establishment of a Saudi ‘one-stop-shop’ where all activities will take place.”

Dr. Al Ahmari added: “This important milestone will also enhance our offerings in a range of areas within the defense sector, reflecting our focus on developing strategic partnerships that will help expand our business capabilities. We look forward to supporting the Royal Saudi Naval Forces and other regional navies with our advanced maritime services and offerings.”

Walid Abukhaled, CEO of SAMI, said: “We are pleased to cooperate with IMI. This partnership will undoubtedly contribute to the achievement of SAMI’s key objectives, the expansion of our operational scope, and the realization of our Saudi Vision 2030 goal to localize over 50% of the Kingdom’s military spending. This strategic economic agreement will strengthen relations between the two parties and support our efforts to build national capabilities and support the Kingdom's defense system.”

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About International Maritime Industries:

Located at Ras Al-Khair on Saudi Arabia’s eastern seaboard, International Maritime Industries (IMI) will be the largest maritime facility in the MENA region, with global

ambitions and reach. IMI’s full-service yard will be capable of building four new offshore rigs and more than 43 vessels including VLCCs per year, as well as providing maintenance, repair and overhaul (MRO) services for more than 260 maritime products. State-of-the-art technologies including artificial intelligence, biometrics and the Internet of Things are embedded into the yard’s infrastructure, offering customers a cutting-edge advantage in an era of digitalization. IMI is a Saudi Aramco sponsored joint venture (JV) with partners Hyundai Global Services, Bahri and Lamprell.

Find out more: www.imi-ksa.com   

About SAMI:

SAMI is a wholly owned subsidiary of the Public Investment Fund (PIF). Launched in May 2017 and working under the directives outlined in the ‎Saudi Vision 2030. Aiming to be among the top 25 defense industries companies in the ‎world by 2030, SAMI is expected to play a key role in localizing 50% of the Kingdom’s ‎total government defense spending.

SAMI’s vision is to be among the top 25 defense industries ‎companies around the world by 2030, by developing world-class defense products and services, as well as achieving self–sufficiency in Saudi defense industries through the cutting-edge technologies and the best national talents.

Find out more: www.sami.com.sa