Turkey's ASELSAN, Saudi TAQNIA form joint venture

The Turkish Armed Forces Foundation company, ASELSAN, said on Dec. 27 that it had established a joint venture with Saudi firm TAQNIA in Saudi Arabia.

In a statement to the Borsa Istanbul, Turkey's main stock exchange, the company said the registration of its joint defense company SADEC had been completed.      

The new company has $6 million in capital and will operate in Saudi Arabia in the areas of radar, electronic warfare and electro-optical systems, according to the statement.      

The Turkish company also said the new joint company would have a positive impact on its income.      

ASELSAN announced on Nov. 23 of last year that it had signed a provisional deal with TAQNIA on the establishment of a joint venture in Saudi Arabia.      

ASELSAN, a leading Turkish defense systems producer, is ranked 58th on a list of the world's top 100 defense giants in 2016, compiled by the prestigious U.S. weekly, Defense News.