Saudi Arabia signs pact to build warships with Spain's Navantia

[DUBAI] Saudi Arabian Military Industries and Spain's state-owned Navantia SA started a joint venture to manufacture warships in the kingdom, the official Saudi Press Agency reported on Wednesday.

SAMI Navantia Naval Industries will design and build five combat frigates of the "Avanti 2200" variety, equipped with a combat management system, for the Saudi Ministry of Defense, the news service reported.

The two parties came to the agreement during Crown Prince Mohammed Salman's visit to Spain in April, SPA said. It did not provide a value for the deal.

The agreement comes amid a global outcry over the killing of Saudi government critic Jamal Khashoggi at the kingdom's consulate in Istanbul last month.

BLOOMBERG