Saudi Arabian Military Industries (Sami), a wholly owned subsidiary of the Public Investment Fund (PIF), acquired electronics research and defence technologies specialist Advanced Electronics Company (AEC).
The deal, the largest in Saudi Arabia’s military industries sector, is expected to be completed in the first quarter of 2021, Sami said in a statement on Monday.
Following regulatory approvals, AEC will become a 100 per cent Saudi-owned company, it said without giving the financial details of the deal.
“This deal strengthens Sami’s presence in the strategically important defence industries market and supports its plans to transfer and localise the military industries,” Ahmed Al Khateeb, chairman of Sami said. “The acquisition will also enhance AEC’s opportunities to expand and compete in its field.”
Saudi Arabia, Opec’s biggest oil exporter, is pushing to develop its local military industries as part of its Vision 2030 economic diversification plan. The PIF, the kingdom's sovereign wealth fund, plans to localise 50 per cent of the country's total military spending, up from about 2 per cent.
Sami said the acquisition of AEC is in line with its strategic plan, which aims to expand its business and enter the progressive defence electronics sector.
The deal will help Sami’s target of transfer technologies and localise domestic military industries, as well as strengthen Saudi Arabia’s defence ecosystem.
“Sami’s acquisition of AEC stock will help us reach our goals and strategic plans for the next five years,” Abdulaziz Al Duailej, chief executive of AEC, said.
“It also places us under the umbrella of the Public Investment Fund … which constitutes a milestone for the company.”
Established in 1988, AEC operates in fields of modern electronics, manufacturing, system integration and repair and maintenance services. The company has more than 100 strategic partners and has completed more than 1,000 projects in the kingdom.
Its total sales in 2019 reached 2.32 billion riyals ($618.67 million), up from 2.07bn riyals in 2018, according to the Sami statement.
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Company profile
Name: Dukkantek
Started: January 2021
Founders: Sanad Yaghi, Ali Al Sayegh and Shadi Joulani
Based: UAE
Number of employees: 140
Sector: B2B Vertical SaaS(software as a service)
Investment: $5.2 million
Funding stage: Seed round
Investors: Global Founders Capital, Colle Capital Partners, Wamda Capital, Plug and Play, Comma Capital, Nowais Capital, Annex Investments and AMK Investment Office
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Name: Younis Al Balooshi
Nationality: Emirati
Education: Doctorate degree in forensic medicine at the University of Bonn
Hobbies: Drawing and reading books about graphic design
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New Zealand 125 (1) beat UAE 111 (3)
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The insured employee may still file an ILOE claim even if a labour dispute is ongoing post termination, but the insurer may suspend or reject payment, until the courts resolve the dispute, especially if the reason for termination is contested. The outcome of the labour court proceedings can directly affect eligibility.
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yallacompare profile
Date of launch: 2014
Founder: Jon Richards, founder and chief executive; Samer Chebab, co-founder and chief operating officer, and Jonathan Rawlings, co-founder and chief financial officer
Based: Media City, Dubai
Sector: Financial services
Size: 120 employees
Investors: 2014: $500,000 in a seed round led by Mulverhill Associates; 2015: $3m in Series A funding led by STC Ventures (managed by Iris Capital), Wamda and Dubai Silicon Oasis Authority; 2019: $8m in Series B funding with the same investors as Series A along with Precinct Partners, Saned and Argo Ventures (the VC arm of multinational insurer Argo Group)
Our legal consultants
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
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Our family matters legal consultant
Name: Hassan Mohsen Elhais
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THE BIO: Martin Van Almsick
Hometown: Cologne, Germany
Family: Wife Hanan Ahmed and their three children, Marrah (23), Tibijan (19), Amon (13)
Favourite dessert: Umm Ali with dark camel milk chocolate flakes
Favourite hobby: Football
Breakfast routine: a tall glass of camel milk
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Spring break will be from March 8 - 19
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Teaching hours will be 8am to 2pm during distance learning
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Rating: 4/5
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UAE won by five wickets
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MATCH INFO
Manchester United 1 (Rashford 36')
Liverpool 1 (Lallana 84')
Man of the match: Marcus Rashford (Manchester United)
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Where to donate in the UAE
You can donate to several registered charities through a “donation catalogue”. The use of the donation is quite specific, such as buying a fan for a poor family in Niger for Dh130.
The General Authority of Islamic Affairs & Endowments
The site has an e-donation service accepting debit card, credit card or e-Dirham, an electronic payment tool developed by the Ministry of Finance and First Abu Dhabi Bank.
You can donate online or order Smiles n’ Stuff products handcrafted by Al Noor students. The centre publishes a wish list of extras needed, starting at Dh500.
Beit Al Khair Society has the motto “From – and to – the UAE,” with donations going towards the neediest in the country. Its website has a list of physical donation sites, but people can also contribute money by SMS, bank transfer and through the hotline 800-22554.
Dar Al Ber Society, which has charity projects in 39 countries, accept cash payments, money transfers or SMS donations. Its donation hotline is 800-79.
Dubai Cares provides several options for individuals and companies to donate, including online, through banks, at retail outlets, via phone and by purchasing Dubai Cares branded merchandise. It is currently running a campaign called Bookings 2030, which allows people to help change the future of six underprivileged children and young people.
Those who travel on Emirates have undoubtedly seen the little donation envelopes in the seat pockets. But the foundation also accepts donations online and in the form of Skywards Miles. Donated miles are used to sponsor travel for doctors, surgeons, engineers and other professionals volunteering on humanitarian missions around the world.
On the Emirates Red Crescent website you can choose between 35 different purposes for your donation, such as providing food for fasters, supporting debtors and contributing to a refugee women fund. It also has a list of bank accounts for each donation type.
Gulf for Good raises funds for partner charity projects through challenges, like climbing Kilimanjaro and cycling through Thailand. This year’s projects are in partnership with Street Child Nepal, Larchfield Kids, the Foundation for African Empowerment and SOS Children's Villages. Since 2001, the organisation has raised more than $3.5 million (Dh12.8m) in support of over 50 children’s charities.
Sheikh Mohammed bin Rashid Al Maktoum launched the Noor Dubai Foundation a decade ago with the aim of eliminating all forms of preventable blindness globally. You can donate Dh50 to support mobile eye camps by texting the word “Noor” to 4565 (Etisalat) or 4849 (du).
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- Solo riders only, no passengers allowed
- Do not drive outside designated lanes
Match info
Manchester United 0-0 Crystal Palace
Man of the match: Cheikhou Kouyate (Crystal Palace)
