Saudi SAMI Signs Agreements with Airbus Helicopter Arabia, Singapore's ST Engineering

The Aviation and Space Systems Sector signs a contract with Airbus Helicopters Arabia to support SAMI in building its technical capabilities to provide rotercraft technical support to Saudi Armed forces. (SAMI)
The Aviation and Space Systems Sector signs a contract with Airbus Helicopters Arabia to support SAMI in building its technical capabilities to provide rotercraft technical support to Saudi Armed forces. (SAMI)
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Saudi SAMI Signs Agreements with Airbus Helicopter Arabia, Singapore's ST Engineering

The Aviation and Space Systems Sector signs a contract with Airbus Helicopters Arabia to support SAMI in building its technical capabilities to provide rotercraft technical support to Saudi Armed forces. (SAMI)
The Aviation and Space Systems Sector signs a contract with Airbus Helicopters Arabia to support SAMI in building its technical capabilities to provide rotercraft technical support to Saudi Armed forces. (SAMI)

The Aviation and Space Systems Sector, an affiliate of Saudi Arabian Military Industries (SAMI), signed on Monday a contract with Airbus Helicopters Arabia, the Kingdom’s subsidiary of Airbus helicopters to support SAMI in building its technical capabilities to provide rotercraft technical support to Saudi Armed forces.

The agreement will play a key role in equipping the staff with vital helicopter airframe maintenance skills and enhance its repair capabilities for landing gears, engines, engine accessories, and blades within the Industrial Partnership Agreement with GAMI, the local MRO players, and the Aircraft Accessories and Components Company (AACC), a SAMI’s subsidiary.

The agreement was signed on the sidelines of the Farnborough International Airshow in the UK which is being held from July 18 - 21 July.

Commenting on the contract, Eng. Walid Abukhaled said: “We are pleased to further strengthen our partnership with Airbus, a major helicopter manufacturer in the industry.”

“This contract will contribute greatly to our ongoing technology and human capital localization efforts through extensive training to accelerate development,” he added.

“We look forward to welcoming Airbus Helicopter’s dedicated staff, who will enable our national talents to gain valuable experience throughout the duration of the agreement.”

Mickael Bertrand, CEO of Airbus Helicopters Arabia, said: “It is with great pride that we embark on this new collaboration with SAMI Aerospace. We are dedicated to empowering one of the region’s most significant industry players through our own personnel’s expertise.”

“This contract also represents an invaluable opportunity to be part of and strengthen our support to the Kingdom’s rapidly developing defense ecosystem.”

SAMI is a wholly owned subsidiary of the Public Investment Fund (PIF) and Saudi Arabia's national champion of defense industries.

Also on Monday, SAMI signed a number of major agreements with a leading Singaporean technology defense and engineering group ST Engineering.

The agreements will support SAMI in producing cutting-edge defense systems toward executing its development and growth strategies in various defense equipment and capabilities, as well as technical support and training.

With these agreements, SAMI and ST Engineering anticipate close collaboration to further fortify the Kingdom’s defense capabilities.

ST Engineering was selected by SAMI as an original equipment manufacturer partner based on its expertise and track record in both the production and supply chain of defense-related equipment.

Aiming to capitalize upon the Singaporean group’s solid brand and reputation globally, the agreements represent SAMI’s continued commitment to partnerships that create a competitive advantage.

Eng. Abukhaled said: “We are proud to undertake these new ventures with ST Engineering, which has consistently stood out as a global leader in the defense sector.”

“With these new initiatives comes a bright opportunity to leverage supply chain capabilities and fortify our local position as the Kingdom drives towards defense sector autonomy in line with the objective of Vision 2030.”

Vincent Chong, Group President & CEO, ST Engineering, said: “We are extremely pleased to partner with SAMI in this collaboration to deliver high performance and robust defense solutions. This is in line with our international defense efforts in establishing strong local partnerships.”

SAMI’s collaboration with ST Engineering first kicked off in 2019 when teams from both organizations worked in unison to develop a joint partnership. The partnership continues to focus on sustainable practices and adding value to defense capabilities within Saudi Arabia.



Gold Extends Gains as Trump Tariffs Fuel Safe Haven Flows

Gold bars from the vault of a bank are seen in this illustration picture taken in Zurich November 20, 2014. REUTERS/Arnd Wiegmann/File Photo
Gold bars from the vault of a bank are seen in this illustration picture taken in Zurich November 20, 2014. REUTERS/Arnd Wiegmann/File Photo
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Gold Extends Gains as Trump Tariffs Fuel Safe Haven Flows

Gold bars from the vault of a bank are seen in this illustration picture taken in Zurich November 20, 2014. REUTERS/Arnd Wiegmann/File Photo
Gold bars from the vault of a bank are seen in this illustration picture taken in Zurich November 20, 2014. REUTERS/Arnd Wiegmann/File Photo

Gold prices rose for a second straight session on Tuesday, but traded below the recent all-time highs, as uncertainty around US President Donald Trump's tariff plans continued to fuel economic growth concerns and safe haven flows into bullion.

Spot gold gained 0.6% at $2,913.79 an ounce as of 0714 GMT. It hit a record high of $2,942.70 last week.

US gold futures added 0.9% to $2,925.50.

"Trump's disruptive modus operandi, aggressive rhetoric and tariffs - whether actual or threatened - could unravel global trade and intricate supply chains," said Nikos Tzabouras, senior financial writer at trading platform Tradu, Reuters reported.

"With uncertainty surrounding the global economy and the broader geopolitical landscape in the Trump 2.0 era, gold is set to remain a natural beneficiary of risk-off flows and central bank buying."

Since taking office last month, Trump has swiftly redrawn the global trade battlefield with a series of tariffs, while plans are already in motion for sweeping reciprocal tariffs, aimed squarely at any nation that taxes US products.

"Gold continues to benefit from the uncertainty surrounding the US. government's tariff policy. Central bank buying should also continue to provide support, even if there is no new data on this," Commerzbank analysts said in a note.

The market's focus has now shifted to the US Federal Reserve's January meeting minutes due on Wednesday for clues into the central bank's interest rate trajectory.

"Price gains are also supported by growing expectations that the Fed will cut rates in 2025 - a sentiment that gained further traction among traders after last week's disappointing US retail sales figures," Ricardo Evangelista, senior analyst at brokerage firm ActivTrades, said.

Bullion benefits from geopolitical and economic uncertainties, as well as rising price pressures, but higher interest rates diminish the asset's allure.

Spot silver fell 0.9% to $32.50 an ounce. Platinum jumped 0.9% to $985.20 and palladium climbed 1.6% to $978.00.