Paris, Riyadh to manufacture frigates, military submarines in Saudi Arabia

Paris and Riyadh have agreed to manufacture ships, frigates and military submarines in Saudi Arabia, Reuters reported on Sunday.

The agreement was made between Saudi state-owned defense company Saudi Arabian Military Industries (SAMI) and French industrial group, Naval Group, which specializes in naval defense and marine renewable energy.

SAMI, launched by the kingdom’s Public Investment Fund in 2017, will hold 51 percent of the joint venture.

“Through design, construction and maintenance activities the joint venture will contribute significantly to further enhancing the capabilities and readiness of Royal Saudi Naval Forces,” SAMI’s CEO, Andreas Schwer said.