Aselsan, Taqnia form defense electronics joint venture

Aselsan of Turkey and Taqnia Defense and Security Technologies of Saudi Arabia are to form a joint venture company.
By Richard Tomkins   |   Feb. 25, 2016 at 3:37 PM
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ANKARA, Turkey, Feb. 25 (UPI) -- Turkish and Saudi Arabian companies have signed a joint venture agreement to form a defense electronics business in in the kingdom.

The agreement is between Aselsan, a Turkish Armed Forces Foundation company, and Taqnia Defense and Security Technologies, a subsidiary of Saudi Development and Investment Company.

The agreement was signed earlier this week at the Saudi Armed Forces Exhibition in Riyadh.

Through their investment, the JV company will establish a facility for the design, development, manufacturing and sales of radar, electronic warfare and electro-optic technologies.

"Through this joint venture we are investing to establish a world-class facility which will lead to nurturing local talent and supporting economic growth and diversification in the kingdom," said Prince Turki Bin Saud Bin Mohammed Al-Saud, chairman of the board of directors for Taqnia. "This important defense partnership will have a positive impact on the kingdom's technological innovation capabilities."

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