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Riyadh – 28 December 2020: Saudi Arabian Military Industries (SAMI), a wholly owned subsidiary of the Public Investment Fund (PIF), announced that it has acquired Advanced Electronics Company (AEC) as part of the largest military industries deal ever concluded in the Kingdom of Saudi Arabia. The purchase is expected to complete in the first quarter of 2021 following regulatory approvals. As a result, AEC will become a 100% Saudi-owned company.
The acquisition was announced during a ceremony organized by SAMI in the presence of the members of SAMI’s and AEC’s Board of Directors, and senior officials from the Ministry of Defense, General Authority for Military Industries (GAMI), PIF, BAE Systems Saudi Arabia, Saudi Arabian Airlines (SAUDIA), and other stakeholders.
Commenting on the deal, H.E. Ahmed Al-Khateeb, Chairman of SAMI, said: “This deal strengthens SAMI’s presence in the strategically important defense industries market and supports its plans to transfer and localize the military industries. The acquisition will also enhance AEC’s opportunities to expand and compete in its field.” H.E. Al-Khateeb affirmed the support of H.R.H. the Minister of Defense for the transfer and localization of military industries as a key part of the Kingdom's Vision 2030. “This achievement also supports PIF’s efforts through SAMI in localizing cutting-edge technology and knowledge, as well as building strategic economic partnerships.”
H.E. Al-Khateeb added, “Considered the ‘crown jewel’ of Saudi Arabia’s military industries and a proud accomplishment for its citizens, AEC will bring about transformative change in the Kingdom’s defense sector by enhancing the industry’s competencies and advancing innovation. With state-of-the-art products, innovative technologies, several decades of experience, and the collective efforts of both SAMI and AEC, the acquisition will shape the future of the domestic defense ecosystem and make long-lasting contributions to the national economy for the upcoming years, through skills development, employment generation, and exports.”
Eng. Walid Abukhaled, CEO of SAMI, thanked the Public Investment Fund (PIF) for its unlimited support and efforts that contributed to the success of the acquisition. He asserted that the deal would serve to enhance the local defense sector, and support and realize the localization rates required by the local content of the military industries.
AEC is considered a major facilitator of Saudi Arabia’s Vision 2030 thanks to its 32-year experience in the military industries market and the leading role it plays in Defense and Aerospace and the development of security local systems. In addition to facilitating the transfer of technology and enhancing local production, the acquisition will enable SAMI to consolidate its defense electronics sector.
SAMI’s acquisition of AEC will support its strategic plan, which aims to expand its business and enter the progressive Defense Electronics sector. The acquisition will also contribute to the implementation of SAMI’s plans to transfer technologies and localize domestic military industries, as well as to strengthen the Saudi defense ecosystem, in line with the directives of the Kingdom’s Vision 2030.
Abdulaziz Al-Duailej, CEO of AEC, said: “SAMI’s acquisition of AEC stock will help us reach our goals and strategic plans for the next five years. It also places us under the umbrella of the Public Investment Fund (PIF), the KSA’s sovereign wealth fund, which constitutes a milestone for the company and fills us with pride as directors and employees.”
He added: “This achievement was realized thanks to the commitment, experience and concerted efforts of all the employees in both companies. The deal will provide AEC with the opportunity to further strengthen its position in the military industries market and explore new horizons in advanced technologies in the Kingdom and beyond, as well as support the continuous development of the capacities of national cadres.”
AEC has played since 1988 a pioneering role in the fields of modern electronics, manufacturing, system integration, and repair and maintenance services, thereby becoming a major regional player renowned for innovation. Around 85% of the company’s employees are Saudi nationals, including more than 300 of its male and female engineers. AEC also has over 100 strategic partners and has successfully completed more than 1,000 projects. Furthermore, the company has witnessed steady growth in sales in recent years. In 2019, net sales reached SAR 2.32 billion – up from SAR 2.07 billion in 2018 and SAR 1.92 billion in 2017.
Since its inception in mid-2017 by the Public Investment Fund (PIF), SAMI has been leading Saudi Arabia’s efforts in developing self-sufficient defense capabilities through its fast-growing portfolio of military products and services, spanning across its business divisions, namely Aeronautics, Land Systems, Weapons and Missiles, Defense Electronics, and Emerging Technologies.
Riyadh, December 22, 2020: Advanced Electronics Company (AEC), one of the national leaders in the field of electronics and technology, participated as a diamond sponsor in the “Industry Ladies Conference2020” conference, which is considered an exceptional platform that brings together officials, experts, specialists and stakeholders in the industrial sector. The two-day event was held from December 21-22 under the patronage of His Excellency Minister of Industry and Mineral Resources Mr. Bandar bin Ibrahim Al-Khorayef, and in the presence of decision-makers from the public and private sectors and dignitaries including heads and directors of establishments and industrial companies in the Kingdom of Saudi Arabia.
AEC’s participation in and the sponsorship of the conference comes as part of its responsibility and role as an active and reliable partner in Saudi Arabia’s thriving industrial sector. The company’s support to the event also stems from its commitment to emphasize the importance of the conference as a promising opportunity to achieve integration between industry enablers in the government sector and industrial establishments in the private sector in order to empower women and stimulate their productive participation in the industrial sector.
“We, at Advanced Electronics Company, appreciate the commendable efforts by the Ministry of Industry and Mineral Resources in promoting the role of women and empowering them, in line with the strategic objectives of the Kingdom's ambitious Vision 2030, by increasing their participation in the national economy and enabling them to assume leadership positions,” said Mr. Abdulaziz Al-Duailej, CEO of AEC, during the opening ceremony.
Mr. Al-Duailej confirmed AEC’s keen interest in the localization process, noting that the company is working to strengthen its reputation not only as a manufacturing and development leader, but also as a frontrunner in the empowerment of women by way of recognizing them as a strategic human capital asset. He highlighted that the company has made remarkable progress in advancing the empowerment of women since its appointment of the first woman in the executive office in 2017. As a result, the current number of female employees working in various manufacturing jobs at AEC stands at approximately 221.
Eng. Abdullah Al-Gadi, Executive Vice President for Shared Services and Corporate Affairs at AEC, was invited to deliver a presentation, entitled “Best practices and experiences in supporting and empowering women industrially”, at the conference. Eng. Al-Gadi shed light on the company's role in preparing and establishing national cadres through investment in human capital. He also reviewed the company's efforts to empower women in the industrial sector through their key contribution in the manufacture of smart digital meters and high-tech military products, as well as the production and testing of state-of-the-art systems such as laser optics, advanced screens and optoelectronics devices.
Al-Gadi highlighted that AEC has signed strategic partnerships to support female students during their university studies. The company signed a strategic collaboration agreement with Princess Nourah University to offer 18 female students scholarships to complete their postgraduate studies at the university in cooperation with Dublin University. The company has also developed many training programs, including the SHE program, which attracted 25 female employees in its first phase, and work is underway to establish successive units to continue training.
The “Industry Ladies Conference 2020” conference is a unique opportunity for industrialists and interested people to discuss ways of empowering women industrially and enhancing their vital role in developing national industries and their contribution to achieving comprehensive and sustainable industrial development.
It is worth noting that AEC, which was established in 1988, is distinguished by its four main sectors, including defence and aerospace, Information and Communications Technology as well as energy and security. The company currently employs more than 2,200 highly skilled male and female employees working in various departments and projects, of whom Saudis constitute more than 84%.
Riyadh, 8 December 2020: The Advanced Electronics Company (AEC) signed a partnership agreement with the Charity Committee for Orphans Care (Ensan) and the National Environment Recycling Company (Tadweer) to support the 'Make an Impact: Sponsor an Orphan with Your Old Device' initiative. The agreement comes within AEC's social responsibility as an integral part of the local community and its commitment to contributing to the wellbeing of individuals, the environment, the society, and the economy.
This initiative serves several objectives supporting orphans and offering safe and eco-friendly solutions for disposing of toxic electronic waste to preserve the environment. It also creates job opportunities for Saudis, with employment priority for orphans, and implements new technologies for recycling the electronic and electrical waste in the Kingdom.
The agreement was signed at Ensan's headquarters by AEC Executive Vice President for Shared Services and Corporate Affairs Eng. Abdullah bin Khaled Al Gadi, Ensan General Manager Saleh bin Abdullah Al Youssef, and Tadweer Business Development Director Abdullah Al Masoud.
"This partnership comes within AEC's efforts to enhance its relations with the community and partners from different entities to promote a culture of social responsibility on a practical level, as well as its great interest in sustainability by engaging in humanitarian, social, and environmental initiatives that drive community development and environmental preservation," Al Gadi stated.
Under this initiative, AEC will collect electronic and electrical waste from all the company's facilities across the Kingdom and deliver it to Tadweer, which will recycle the waste and use recycling revenues to support and sponsor the humanitarian activities at Ensan.