The Saudi Excellence and Ondas' subsidiary Airobotics Ltd signed on Tuesday a Strategic Alliance Agreement to localize Airobotics autonomous drone systems and solutions and provide aerial data solutions to local governmental and commercial entities.
Ondas Holding is a leading provider of private industrial wireless networks and commercial drone and automated data solutions.
Saudi Excellence and Airobotics plan to jointly establish a local office in Saudi Arabia to localize Airobotics autonomous drone systems and solutions and provide aerial data solutions to local governmental and commercial entities.
The companies will work together to develop and foster an ecosystem of technology and service providers across the Kingdom by employing local staff and working closely with local partners.
Following the announcement, Ondas shares increased 20 percent.
President of Saudi Excellence Sheikh Abdullah al-Meleihi said the partnership aims to provide sophisticated autonomous drone platforms to government and commercial customers in the Kingdom.
He told Asharq Al-Awsat: "There are significant projects in the Saudi market, and as the economy expands and diversifies, demand for next-generation technologies is growing."
"Together with Airobotics, we will provide high-value technical solutions while also training Saudi cadres to work in this field."
Meleihi indicated that both companies will work together to develop and enhance an ecosystem of technology and service providers across the Kingdom, as the initiative aims to support the vision of Saudi 2030, following the guidance and support of Prince, Mohammed bin Salman, Crown Prince and Prime Minister.
The drone market is growing continuously in all military sectors and security and civil uses, and it is one of the promising sectors in the Middle East region, said Meleihi, noting that Saudi Arabia was one of the first countries to localize the drone industry.
He asserted that Excellence plans to start manufacturing this aircraft type in the Kingdom and train Saudi cadres.
Moreover, he indicated that China's DJI controls more than 70 percent of the world's drone market, expecting the need to grow from $30.6 billion in 2022 to $55.8 billion by 2030.
The Chinese company was formed in 2006 out of a college dorm room by its founder Frank Wang selling flight control components to universities and Chinese electric companies.
CEO of Airobotics Meir Kliner expresses his pride in expanding the business in the region to Saudi Arabia and being recognized and chosen by Saudi Excellence as the leading provider of drone infrastructure.
Kliner said Vision 2030 and the country's economic transformation are creating significant opportunities for Airobotics in defense and civil markets.
"Together with the Saudi Excellence company, we look forward to implementing our state-of-the-art autonomous drone technologies across Saudi Arabia and localizing these efforts for the mutual benefit of our companies and society," said the official.