Saudis mull stake in Denel and transfer of its defence technology
Saudi Arabia, the world’s third largest defence spender, has pledged to invest at least $10bn in SA
Saudi Arabia is in talks with SA’s major arms manufacturers and is considering taking an equity stake in the struggling state-owned defence firm Denel, the head of the Saudi state defence company told Reuters. Saudi Arabian Military Industries’ (SAMI) CEO Andreas Schwer said he expected to conclude the first partnership deals with South African companies by the end of the year, though he would not identify those initial partners. SA’s department of public enterprises, which oversees Denel, acknowledged the talks with SAMI but said it was too early to give details of any potential partnership arrangement. The Paramount Group, a privately held South African company, has already said it is in talks with SAMI. “To make it clear, we are in discussions with all major South African companies, not only Paramount, not only Denel,” Schwer said in a phone interview on Wednesday. SA’s defence industry once played a major role in the country’s economy, but more recently it has suffered from the ...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.