Skip to content Skip to Search
Skip navigation

Saudi in pact with Turkey to localise drone production

SAMI
The agreement aims to enhance the readiness of Saudi armed forces and bolster the kingdom’s defence and manufacturing capabilities

Saudi Arabia has signed an agreement with Turkish defence firm Baykar Tech to localise the manufacturing of drones in the kingdom.

“The agreement aims to enhance the readiness of the armed forces and bolster the kingdom’s defence and manufacturing capabilities in line with Vision 2030,” state-owned Saudi Arabian Military Industries (Sami) posted on messaging platform X, formerly Twitter.

Saudi Arabia signed an agreement to buy Baykar drones during Turkish President Tayyip Erdoğan’s visit to the kingdom last month.

At the same time, Baykar said in a statement that the agreement with the kingdom includes cooperation in technology transfer and joint production.

Last year, the drone manufacturer’s exports reached $1.18 billion, with its turnover at $1.4 billion.

The company has signed export pacts with 30 countries for its Bayraktar TB2 combat drone and six countries for the bigger Bayraktar Akinci combat drone.

Latest articles

Flavio Cattaneo of Enel, of which Endesa is a subsidiary, and Mohamed Jameel Al Ramahi at the signing of the deal

Masdar buys stake in Spanish utilities company Endesa

The UAE’s state-owned clean energy company Masdar has agreed to acquire a minority stake in Spanish electric utility business Endesa to partner for 2.5 gigawatts (GW) of renewable energy assets in Spain. Under the agreement, subject to regulatory approval, Masdar will invest nearly $890 million to acquire a 49.99 percent stake in Endesa, with an […]

UAE markets Hong Kong

UAE capital markets partner with Hong Kong exchange

The Hong Kong Stock Exchange (HKSE) has added the Abu Dhabi Securities Exchange (ADX) and the Dubai Financial Market (DFM) to its roster of recognised marketplaces. The move opens the door for UAE-based companies to pursue secondary listings on one of Asia’s premier financial markets. It also follows the inclusion of the Saudi Exchange (Tadawul) […]

Person, Worker, Adult

Aramco and PIF invest in Saudi-Chinese steel venture

Saudi Aramco and the Public Investment Fund have doubled their investment in a steel plate joint venture with a Chinese company to $500 million. The two Saudi companies each own 25 percent shares in the new venture in Ras Al Khair industrial city, Bloomberg reported, quoting a statement published on the Chinese stock exchange. Chinese […]

Car, Transportation, Vehicle

Dubai Taxi to pay $43m dividend despite profit drop

Dubai Taxi Company, a subsidiary of the emirate’s transport regulator, has approved a dividend payout of AED159 million ($43 million) for the first half of 2024 despite a marginal 1 percent increase in net profit. Net earnings reached AED187.4 million in the first six months of the year, compared to AED186.3 million at the same […]