Saudi Gazette report

Riyadh — Saudi Arabia and Spain signed an agreement on Tuesday to launch a joint venture company under the name SAMI Navantia Naval Industries.

The joint agreement was signed between the Saudi Military Industries Company (SAMI) and Navantia Spanish Company for Naval Industries.

As per the agreement five Avante 2200 corvettes will be designed and built with Combat Management System for the Saudi Ministry of Defense.

The realization of this deal came about during the visit of Crown Prince Muhammad Bin Salman, deputy premier and minister of defense, to the Spanish capital in April this year.

The Saudi-Spanish joint venture aims to achieve 50 percent Saudization in the military industries by 2030. The revenues of this joint venture for naval industries might reach $8 billion by 2030.

The Avante 2200 corvettes have been adapted to the Royal Saudi Naval Forces requirements, providing high-end performances, including excellent seaworthiness, high survivability, as well as the capability to operate in the extreme temperatures.