Turkey's ASELSAN, Saudi TAQNIA form joint venture

ANKARA (AA) - The Turkish Armed Forces Foundation company ASELSAN said on Tuesday 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 that the registration of its joint defense company SADEC was completed.

The new company has a $6 million 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 that 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 Saudi firm 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.