Saudi and French companies agreed to build warships in the Kingdom

Saudi Arabian Military Industries (SAMI) and France’s Naval Group entered a joint venture to develop vessels in Saudi Arabia

The SAMI will hold a 51 percent stake and the Naval Group company will have the rest. The new company will develop, engineer and manufacture frigates, corvettes and possibly submarines, the chief executive officer of Saudi Arabian Military Industries, Andreas Schwer, said in Abu Dhabi.

SAMI signed a deal with Spain’s state-owned Navantia SA to manufacture warships domestically in last November.