Saudi Arabia’s Public Investment Fund (PIF) and its defense subsidiary SAMI announced separate moves in the defense and security space this week, according to reports.
The PIF said Tuesday it had established a company to develop and expand the private security sector in the Kingdom, creating the National Security Services Co. (SAFE). SAFE will focus on “providing services such as security consulting, security solutions, training and development, and a range of specialized services,” the PIF said in a statement on its website.
The PIF also noted in the news release that SAFE will contribute to the growth of the Kingdom’s private security ecosystem and “is in line with PIF’s investment strategy to contribute to Vision 2030 by launching and developing new sectors and enabling the private sector.”
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.
“The company will integrate manpower and technology, and in addition to the security services, will deliver state-of-the-art training programs that contribute to opening many employment avenues for Saudis in the security services sector, offering attractive benefits for personal and professional growth,” the company added.
Separately, the defense company Saudi Arabian Military Industries (SAMI), SAMI, owned by the PIF, is buying Advanced Electronics Company (AEC), a defense, energy, ICT, and security services company in what is being described as “the country’s largest ever military industries deal.”
The SAMI purchase of 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, according to Arab News.
“AEC is considered the ‘crown jewel’ of Saudi Arabia’s military industries and a proud accomplishment for its citizens, and will bring about transformative change in the Kingdom’s defense sector,” SAMI chairman Ahmed Al-Khateeb was quoted as saying by the Saudi Press Agency.
Since 2016, the PIF says it has created 10 new sectors, more than 30 new companies, and over 190,000 new jobs for the people of Saudi Arabia.
