Saudi Arabian Military Industries (SAMI) Announces Joint Venture Agreement With Boeing
Saudi Arabian Army Industries (SAMI) group, a completely owned subsidiary of the Public Funding Fund and the Kingdom’s nationwide protection localization champion, has introduced a preliminary settlement with The Boeing Firm (Boeing), the world’s largest aerospace firm and main producer of business jetliners, protection, area and safety techniques, and supplier of aviation companies to each the business and protection sectors. Underneath the phrases of the settlement, each corporations will enter right into a Kingdom-focused three way partnership. Underneath the settlement, the events will work collectively by means of a restricted legal responsibility firm to offer upkeep, restore and overhaul and sustainment companies for army rotary platforms presently operated within the Kingdom.
His Excellency Ahmed Al Khateeb, Chairman of SAMI, mentioned: “As we transfer in direction of the conclusion of our Imaginative and prescient 2030 ambitions for a strengthened protection business, our long-standing relations with business leaders equivalent to Boeing will additional our success. This three way partnership will assist to allow extra protection manufacturing to happen in Saudi Arabia, guaranteeing extra jobs and prosperity within the Kingdom – now and for generations to return.”
Eng. Walid Abukhaled, CEO of SAMI, mentioned: “The upkeep of the rotary fleets operated within the Kingdom by the totally different forces represents a serious alternative for localization and improvement of latest sustainable expertise. A lot of this work is presently outsourced to the US or Europe, whereas plane numbers within the Kingdom are anticipated to double within the subsequent ten years. We additionally see this three way partnership as a primary step in direction of a broader strategic partnership between Boeing and SAMI that may embody extra platforms and companies sooner or later.”
The announcement was made at a signing ceremony in the course of the inaugural World Protection Present in Riyadh. Commemorating the events’ intention to signal the definitive agreements within the coming weeks, the ceremony was attended by high officers from each side, together with His Excellency Ahmed Al-Khateeb, Minister of Tourism and Chairman of SAMI, Leanne Caret, Govt Vice President and Senior Advisor to Boeing Firm and Ted Colbert, President and CEO of Boeing Protection, House and Safety. This settlement will present upkeep, restore and overhaul companies for the Kingdom’s rotorcraft platforms. It is a superb instance of Boeing alignment with the Kingdom’s Imaginative and prescient 2030.
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