RIYADH: The Saudi Arabian Military Industries Co. (SAMI) has announced that it has acquired the entirety of shares available in Advanced Electronics Co. (AEC). The revelation came during a joint Saudi-British event in London, attended by the chairman of SAMI, Ahmad Al-Khatib, and the chairman of BAE Systems, Roger Carr. AEC, based in Riyadh, provides modern electronics, manufacturing capabilities and repair and maintenance services in defense, information and communication technology, energy and cybersecurity at local, regional and international levels. SAMI’s investment in AEC is part of its ongoing efforts to increase and strengthen local Saudi military industries in line with Vision 2030. Al-Khatib said: “SAMI was established three years ago after the announcement of Vision 2030, and since then, we have made great progress. “The agreement signed today marks a milestone in our journey as it will enable us to intensify our efforts to build a strong, dynamic and sustainable military industry in Saudi Arabia. SPA Riyadh “Cyberdefense is an important component of the defense sector and, therefore, the acquisition of AEC places SAMI on the map of the global defense industry, supporting our ambitions in this sector, contributing to raising the proportion of local products, and stimulating economic growth in general.” AEC will be the main structure of SAMI’s cyberdefense unit, while SAMI’s total number of employees will dramatically rise to 2,200 as a result of the acquisition. In addition to facilitating the transfer of technology, promoting local production, and deepening maintenance, repair and overhaul processes, the acquisition will enable SAMI to develop its own hardware and software products to help achieve its strategic objectives for 2030.