SAMI signs deal with Lockheed Martin for military JV in Saudi Arabia

21/02/2021 Argaam

Signing of the agreement

Saudi Arabian Military Industries (SAMI) signed an agreement with US firm Lockheed Martin to set up a joint venture (JV) and enhance the Kingdom's defence and manufacturing capabilities at the International Defence Exhibition and Conference (IDEX) in Abu Dhabi.

 

SAMI, a wholly-owned subsidiary of the Public Investment Fund (PIF), will own 51% of the venture while Lockheed Martin will own the rest.

 

 

The joint venture will develop the Kingdom’s capabilities in manufacturing and software technologies, system integration, and the production, maintenance, and repair of rotary and fixed-wing aircraft, and missile defense systems.

 

"The new agreement will develop localized capabilities by transferring technology and knowledge, and by training a Saudi workforce in manufacturing products for, and providing services to, the Saudi armed forces," SAMI said in a statement.

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