DST and Aselsan Signed Joint Venture Company Agreement

Issue 67 - April 2016

TAQNIA Defense and Security Technologies (DST), a subsidiary of Saudi Development and Investment Company and Aselsan, a Turkish Armed Forces Foundation Company, signed a 50:50 Joint Venture (JV) agreement to establish a defense electronics company in the Kingdom. Through the agreed investments, the JV Company will establish a state of the art facility for the design, development, manufacturing and sales of Radar, Electronic Warfare and Electro-Optic technologies to serve the needs of the Kingdom and the region. 

The agreement was signed in Riyadh between DST and Aselsan during the opening ceremony of the Saudi Armed Forces Exhibition (AFED). Dr. Hamad Alyousefi, CEO of DST and Mr. Mustafa Murat Şeker, Chairman of the Board of Directors for Aselsan signed the agreement. His Royal Highness Prince Dr. Turki Bin Saud Bin Mohammed Al-Saud, President of KACST and Chairman of the Board of Directors for TAQNIA along with Prof. İsmail Demir, the Undersecretary for Defense Industries for the Republic of Turkey witnessed the signing of the agreement.