Saudi Arabian Military Industries acquired Riyadh-based Advanced Electronics Company, which is specialized in advanced electronics research and manufacturing for defense. Financial terms were not disclosed. H.E. Ahmed Al-Khateeb, Chairman of SAMI, said: "The foundation for the institution and growth of SAMI was laid three years ago with the announcement of the Saudi Vision 2030. SAMI's journey began in 2017, and since then we have forged ahead with the backing of our country's leadership, steadfast efforts of our team and support of our partners. Today's agreement marks a significant milestone for us, as we advance our efforts to build a strong, dynamic and sustainable military industries sector in Saudi Arabia."