<span>State-run Saudi Arabian Military Industries (Sami) agreed to form a joint venture with New York Stock Exchange-listed L3 Technologies, to collaborate in </span><span>the manufacture </span><span>of military sensors and other special security projects in the kingdom. </span> <span>The Public Investment Fund, Saudi Arabia's sovereign wealth fund, created Sami in 2017 to reduce </span><span>reliance on foreign arms purchases. Sami's mandate is to localise more than half of the kingdom's total military spending, up from about 2 per cent currently, as part of the country's Vision 2030 </span><span>economic and social diversification plan.</span> <span>The deal with L3 Technologies follows an earlier agreement between the two parties in February to explore options for a joint venture. "As we continue to support objectives tied to the Saudi Vision 2030, this long-term partnership with L3 will help grow the sensor and mission systems industry while creating a comprehensive through-life support structure for our military customers," said Ahmed Al Khateeb, chairman of Sami</span><span>.</span> <span>“This venture with Sami, which includes research and development, manufacturing, training and sustainment activities, represents a key milestone in the further development and execution of L3’s international growth strategy, and will enable L3 to further establish a long-term presence within Saudi Arabia,” added Christopher Kubasik, chairman and chief executive of L3 Technologies.</span> <span>Under the venture, the parties will collaborate on the development of electro-optical and infrared (EO/IR) military sensors, and other advanced technologies for special mission systems for air, land and maritime vessels, according to</span><span> Sagia. The</span><span>y will be developed at a dedicated research and manufacturing centre to be set up in the kingdom.</span> <span>L3 Technologies is headquartered in New York and develops advanced defence technologies and solutions across weapons, space, maritime systems, aviation security, pilot training, night vision and EO/IR. The company reported full-year 2018 sales of $10.2 billion.</span> <span>Sami is planning multi-billion dollar investments in 25 to 30 joint ventures over the next few years to build </span><span>competence in shipyards, aircraft assembly lines and other infrastructure, and aims to reach $10bn in sales by 2025, its chief executive Andreas Schwer told </span><span><em>The National</em></span><span> at the International Defence and Exhibition Conference in Abu Dhabi in February.</span>