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."