Ankara (IINA) : The Turkish Armed Forces Foundation company ASELSAN said on Tuesday it had established a joint venture with Saudi firm TAQNIA in Saudi Arabia, Anadolu Agency (AA) reported.

In a statement to the Borsa Istanbul, Turkey’s main stock exchange, ASELSAN 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.

ASELSAN also said that the new joint company would have a positive impact on its income. On November 23 last year, the Turkish company announced that it had signed a provisional deal with Saudi firm TAQNIA on the establishment of a joint venture in Saudi Arabia.

ASELSAN, which designs, develops and manufactures modern electronic systems for military purposes, was founded by the Turkish Army Foundation in 1975. The company is ranked 58th on a list of the world’s top 100 defense giants in 2016.