Advanced Electronics Company (AEC) is a company in Saudi Arabia that was established in 1988 under the Economic Offset Program as per the directives of the government of Saudi Arabia. AEC is a state owned organization specializing in the field of defense, energy, Digital & security services, and modern electronics. AEC is a subsidiary of state-owned defense company Saudi Arabian Military Industries, whose parent company is Public Investment Fund (PIF).[2]
Acquisition by Saudi Arabian Military Industries
In December 2020, the Saudi Arabian Military Industries (SAMI) fully acquired AEC, making it a 100% Saudi-owned company. The deal shall strengthen SAMI's presence in the defense industries market.[3] It is the largest military industries deal ever concluded in Saudi Arabia.[4]
In 2021, Ziad bin Houmod Al-Musallam was appointed the CEO of AEC.[5]
See also
- Prince Sultan Advanced Technology Research Institute - a Saudi defense research and development partner.[6]
References
- SAMI-AEC Subsidiaries www.aecl.com^
- Al Arabiya. Saudi Arabian Military Industries acquires ownership of Advanced Electronics Company english.alarabiya.net, 20 May 2020, retrieved 2 September 2024^
- Arabian Aerospace - SAMI acquires Advanced Electronics Company www.arabianaerospace.aero, retrieved 2021-01-04^
- SAMI acquires AEC in KSA's biggest military deal Saudigazette, 2020-12-28, retrieved 2021-01-04^
- Who's Who: Ziad bin Houmod Al-Musallam, CEO of the Advanced Electronics Co., a Saudi Arabian Military Industries company Arab News, 2021-03-22, retrieved 2021-03-23^
- Partnership between Advanced Electronics and Prince Sultan Advanced Technology Research Institute. Al Riyadh(الرياض) (newspaper), Al Riyadh(الرياض) (newspaper), 8 February 2011^