Turkey's ASELSAN, Saudi TAQNIA form joint venture

ANKARA

The Turkish Armed Forces Foundation company ASELSAN said on Tuesday it had established a joint venture with Saudi firm TAQNIA in Saudi Arabia.

In a statement to the Borsa Istanbul, Turkey's main stock exchange, the company said that the registration of its joint defense company SADEC was completed.

The new company has a $6 million capital and will operate in Saudi Arabia in the areas of radar, electronic warfare and electro-optical systems, according to the statement.

The Turkish company also said that the new joint company would have a positive impact on its income.

ASELSAN announced on Nov. 23 of last year that it had signed a provisional deal with Saudi firm TAQNIA on the establishment of a joint venture in Saudi Arabia.

ASELSAN, a leading Turkish defense systems producer, is ranked 58th on a list of the world's top 100 defense giants in 2016, compiled by the prestigious U.S. weekly, Defense News.

ANKARA

The Turkish Armed Forces Foundation company ASELSAN said on Tuesday it had established a joint venture with Saudi firm TAQNIA in Saudi Arabia.

In a statement to the Borsa Istanbul, Turkey's main stock exchange, the company said that the registration of its joint defense company SADEC was completed.

The new company has a $6 million capital and will operate in Saudi Arabia in the areas of radar, electronic warfare and electro-optical systems, according to the statement.

The Turkish company also said that the new joint company would have a positive impact on its income.

ASELSAN announced on Nov. 23 of last year that it had signed a provisional deal with Saudi firm TAQNIA on the establishment of a joint venture in Saudi Arabia.

ASELSAN, a leading Turkish defense systems producer, is ranked 58th on a list of the world's top 100 defense giants in 2016, compiled by the prestigious U.S. weekly, Defense News.