RIYADH: The Saudi Arabian Military Industries on Wednesday signed three separate financing agreements worth nearly SR7 billion ($1.8 billion) with three Saudi banks for projects related to defense industries localization. The agreement is part of the strategic efforts of the wholly-owned subsidiary of the Public Investment Fund to expand its operations in Saudi Arabia, it said in a statement. The first-of-its-kind deal in the Kingdom’s defense industries sector will contribute to the company’s future projects related to infrastructure development, acquisitions, and working capital financing. It involved three separate agreements with Saudi National Bank, Banque Saudi Fransi, and Gulf International Bank — Saudi Arabia. SAMI CEO Walid Abukhaled said: “These agreements will support our principal goals and future projects and will strengthen and broaden the scope of our operations. They also seek to employ local talent in the defense industries sector, thus accomplishing the goals of Saudi Arabia’s Vision 2030 of localizing over 50 percent of defense spending.” “This deal will also support PIF’s efforts through SAMI in localizing cutting-edge technology and knowledge, as well as building strategic economic partnerships.” Mater Alenazi, CFO of SAMI, added: “SAMI’s ability to acquire substantial financing affirms the confidence of the banking sector in the strength of our operations. We will continue to build strategic partnerships with leading local and international financial institutions in order to finance many of our projects in the near future.” Since its inception in 2017, SAMI has led the way in developing and supporting the defense industries sector in Saudi Arabia. The company plays a key role in accomplishing sustainability in the defense industries sector and promoting its self-sufficiency by ensuring rapid growth of defense products and services through its five main business divisions, namely SAMI Aerospace, SAMI Land, SAME Sea, SAMI Advanced Electronics, and SAMI Defense Systems.