Friday , April 23 2021

Saudi Arabia is partnering with Denil's South African group of $ 1 billion



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CAIRO – Saudi Arabia has offered a $ 1 billion offer to partner with South African state-owned Denil Group, which includes a minority stake in a joint venture with German Rheinmetal, a well-informed source said on Tuesday.

Saudi Arabia seeks partnerships for the development of the local defense industry and wants to channel half of its military spending to domestic resources by 2030.

According to the source, who demanded that because of the sensitivity of conversations, Saudi Arabia is striving to buy a stake in Rheinmetall Denil for ammunition, which is 49%.

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