PIF-backed Saudi Arabian Military Industries, a state-owned defense company, agreed to acquire Advanced Electronics Company, a company specialized in advanced electronics research and manufacturing for defense and communication among others. Financial terms were not disclosed. "This deal strengthens SAMI’s presence in the strategically important defense industries market and supports its plans to transfer and localize the military industries. The acquisition will also enhance AEC’s opportunities to expand and compete in its field. This achievement also supports PIF’s efforts through SAMI in localizing cutting-edge technology and knowledge, as well as building strategic economic partnerships," Ahmed Al-Khateeb, SAMI Chairman.