At the business agreement ceremony between Naviworks and STII held at the Abu Dhabi National Exhibition Centre (ADNEC) during IDEX 2019, the largest defense exhibition in the Middle East, Idris Al Zakari, CEO of STII, Won Joon-hee, CEO of Naviworks, and Kim Young-hoo, Executive Vice Chairman of the Korea Defense Industry Association (from left), pose for a commemorative photo holding the signed agreement. / Photo courtesy of the Defense Daily.

Asia Today Abu Dhabi/Reporter Seok-jong Lee/Joint Reporting Group = On the 18th (local time), Korean company Naviworks, which is participating in the largest defense industry exhibition in the Middle East, ‘IDEX 2019’, held in Abu Dhabi, UAE, signed a business agreement for its advancement into Saudi Arabia.

Naviworks, a developer of military VR-based tactical training software and simulators, signed a business agreement with Saudi Arabia’s STII (Science Technology Investment and Industrial Development) that afternoon for joint development of business in the Middle East, excluding the UAE.

According to the business agreement, Naviworks and STII plan to establish a joint venture to carry out technology transfer and product localization work according to the progress of the business.

According to a Naviworks official, the signing of this business agreement is proof that the excellent technological prowess and reliability of Korean companies are greatly recognized in the Middle East.

Won Jun-hee, CEO of Naviworks, said, “Naviworks, a leader in the VR simulator industry, is expecting great synergy effects by acquiring a partner called STII before entering the Middle Eastern market,” and added, “We will actively pursue export activities in the Middle East in the future, and by establishing a joint venture, we will achieve localization of products and technology transfer, which will greatly contribute to the development of the defense industry in both countries.”

Naviworks has developed military platform simulators including ships and aircraft, virtual training systems, and weapon system training simulators.

STII is a defense affiliate of Al Madi Group, a Saudi Arabian national infrastructure industry development and investment company, and mainly specializes in defense industry investment, joint venture establishment, technology transfer, and localization.

Reporter Seok-jong Lee, Abu Dhabi, Joint Reporting Team sjlee@asiatoday.co.kr

Source: https://www.asiatoday.co.kr/view.php?key=20190218010008045