Saudi drone deal entails technology transfer, joint production -Baykar

The contract, signed during Tayyip Erdogan's visit to Saudi Arabia, was one of several lucrative deals that the Turkish president has so far secured on a Gulf trip being held after a diplomatic push to repair ties with Gulf Arab powers.

"With the comprehensive agreement, there will cooperation on technology transfer and joint production in order to advance the high technology development capability of the two countries," the statement said. Baykar said 75% of its revenues had come from exports since it began drone research and development in 2003. Last year, its exports amounted to $1.18 billion, with its turnover amounting to $1.4 billion.

It said it had signed export agreements with 30 countries for its Bayraktar TB2 combat drone and with six countries for the larger Bayraktar Akinci combat drone.Our Standards:

Business Business Latest News, Business Business Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Saudi Arabia seeks $2.7BN loan to help build Neom mega-city: reportSaudi Arabia is exploring plans to raise $2.7 billion for its futuristic mega-city in an effort to complete most of the construction by 2030
Source: BusinessInsider - 🏆 729. / 51 Read more »

Türkiye, Saudi Arabia ink investment, defence, energy, communications dealsPresident Erdogan is accompanied by members of the Cabinet and other Turkish officials in his Gulf tour for working on deeper ties and regional stability.
Source: trtworld - 🏆 101. / 63 Read more »

Turkey’s Erdogan heads to Gulf seeking funds for ailing economyTurkish President Recep Tayyip Erdogan travels to Saudi Arabia on Monday in a three-stop tour of Gulf states to seek trade and investment opportunities for Turkey's floundering economy.
Source: WashTimes - 🏆 235. / 63 Read more »