The Egyptian Minister of Military Production, Mohamed Al-Assar, witnessed the signing ceremony of a Memorandum of Understanding (MoU) with representatives of Newton, a leading business group in the Kingdom of Saudi Arabia, to deepen the use of technological applications in various economic and socials fields, a statement of the Ministry said.
The newly signed MoU is part of the Ministry’s strategy to collaborate with Saudi companies to transfer new technologies to Egypt in the fields of marketing services, technical cooperation, and maintaining training at the Ministry of Military Production’s subsidiaries, the statement added.
The MoU paves the way to establishing a partnership between the National Authority of Military Production and Newton in fields of exporting products to number of the Gulf Cooperation Council countries through the Ministry’s production lines in Egypt, the statement clarified.
The future partnership will contribute in achieving the Saudi Arabia 2030 vision that aims to deepen technologies.
The Saudi side is keen on contributing to the current economic leap in Egypt, Abdullah Mansour Soliman, CEO of Newton, said, adding that Egypt enjoys very promising investment opportunities.
Egypt’s Ministry of Military Production’s companies have very good technological potentials, he asserted, noting that “the Ministry participated in megaprojects that were implemented in an accurate and highly professional way. There are many opportunities for further cooperation with the ministry of military productions’ affiliated companies.”
Al Shagair is a leading group in the Kingdom of Saudi Arabia (KSA) working through two main subsidiaries NEWTON and SOMO Al MAMLAKA.
Al Shagair Group invests heavily through partnering with leading names from all around the world aiming at localizing technology in KSA and leveraging the government’s vision of 2030.
The group works in the fields of defense, security, aviation, marine, mining, construction, logistics, engineering, management consulting, real estate development, and investing in bonds both in the Kingdom and the international markets.