The transaction details, according to a Saudi Stock Exchange filing by SAIC, will be finalized based on the partners' commitments in the agreement, with SAIC's stake valued at approximately $5.20 million.

The financial results of this acquisition will become evident in the 2023 fiscal year. SAIC's decision to sell its shares results from accumulated losses, high liabilities, and the difficulty in providing sustainable support to the enterprise.

This move is part of SAIC's strategy to optimize performance by reevaluating its investments and seeking out high-growth, profitable ventures, while divesting from those that have either reached their objectives or underperformed expectations.

Separately, SAMI continues to invest in the Saudi defense industry, recently signing two contracts totaling SR664 million with the General Authority for Defense Development, aiming to bolster the industry's development over four years. These agreements involve collaboration with local defense development centers and universities to produce designs that satisfy the defense and security sector's needs.

Faleh bin Abdullah Al-Sulaiman, the authority's governor, remarked that these contracts were initial steps in invigorating Saudi Arabia's defense industry, stressing the significance of investing in national universities with specialized programs in this domain.

SAMI's CEO, Walid Abukhaled, reaffirmed the company's commitment to fostering the domestic defense manufacturing sector in alignment with the goals of Saudi Vision 2030, with investments earmarked for advancing communication systems and enhancing surveillance and anti-drone technologies.