RIYADH, Nov. 7 (Xinhua) -- Saudi Arabia launched on Wednesday a joint venture with a Spanish company to manufacture all aspects of marine combat systems, Al Arabiya local news reported.
The Saudi Military Industries Company (SAMI) and the Spanish company Navantia for Marine Industries signed the project agreement in Riyadh.
The two announced the launch of the project under the name of SAMI Navantia Naval Industries.
The joint venture aims to achieve 50 percent of Saudization in the military industries by 2030. The new project is expected to support Saudi Military Industries' efforts to keep 50 percent of military spending within the country.
It will also contribute significantly to enhancing the readiness of the armed forces in Saudi, as well as creating job opportunities and training for the Saudi youths, thus increasing the contribution of Saudi citizens to the industry.