ARES Shipyard to Establish ARES Naval in Saudi Arabia with Two Shipyards
ARES Shipyard plans to launch ARES Naval in Saudi Arabia in partnership with Sat-el Arab, aiming to establish two shipyards in Dammam and Jeddah for naval platform manufacturing and maintenance. ARES will hold the majority shares and collaborate with Saudi naval firm Sofon. The initiative aligns with Saudi Arabia's Vision 2030, targeting 50% defense production localization by 2030.
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ARES Shipyard is establishing ARES Naval in Saudi Arabia with local partner Sat-el Arab, planning two shipyards in Dammam and Jeddah. The focus will be on manufacturing naval platforms and providing maintenance services.
ARES will retain most shares. They aim to work closely with Sofon, the main contractor for Saudi naval projects. ARES also seeks to enhance its presence in the GCC region as a top export market. The initiative supports Saudi Arabia's Vision 2030, which targets 50% localization in defense production by 2030.
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