RIYADH: Saudi Arabia’s National Building & Marketing Co. completed, on Dec. 22, the creation of Yuzhmash Industry Limited Liability Co., a joint venture with the Ukrainian aerospace company of a similar name, according to a bourse filing.

National Building holds a 55 percent stake in the new firm, Ukraine-based Southern Machine-Building Plant named after Makarov (Yuzhmash) holds a 15 percent stake and UK-based Yuzhmash, 30 percent.

The new partnership is headquartered in the Saudi capital, Riyadh, National Building said in a statement to Saudi Stock Exchange, Tadawul.

The formation of the new company comes after a visit to Ukraine by a delegation from National Building, which was shown the test bench of liquid-propellant rocket engines and the workshop of the main assembly of launch vehicles.

Yuzhmash is a Ukrainian state-owned aerospace company founded by the Soviet Union in 1954 to pursue liquid fuel technology. It produces spacecraft, launch vehicles (rockets), liquid-propellant rockets, landing gears, castings, forgings, tractors, tools, and industrial products.

The company is headquartered in Dnipro, and reports to the State Space Agency of Ukraine. It works with international aerospace partners in 23 countries.