Riyadh – Mubasher: The Saudi Arabian Military Industries (SAMI) and Lockheed Martin penned a strategic agreement to set up a joint venture (JV) to facilitate cooperation between the two companies in enhancing Saudi Arabia’s domestic defence and security capabilities.
The JV is aimed at developing localisation capabilities through the transfer of technology (ToT) and knowledge (ToK) and training of Saudi nationals to manufacture products and provide services to the kingdom’s armed forces, according to a press release.
The agreement was signed in Abu Dhabi on the sidelines of the International Defense Exhibition and Conference (IDEX).
“SAMI has been exploring avenues to help build a sustainable, self-sufficient military industries sector in the kingdom, and our strong and enduring partnership with Lockheed Martin underpins our commitment. The agreement to establish a new joint venture represents a major step forward to realising our ambitious goals,” said CEO of SAMI, Walid Abukhaled.
Senior Vice President, Lockheed Martin International, Timothy Cahill, remarked, “Today marks a major milestone in our strategic relationship with SAMI and comes as part of our longstanding commitment to supporting Saudi Arabia’s industrialisation and economic development plans.”
The SAMI-Lockheed Martin JV, in which SAMI will have a 51% shareholding and Lockheed Martin will hold the remaining stakes, will develop capabilities in manufacturing technology, software technology, and systems integration, as well as the production, maintenance, and repair of rotary and fixed-wing aircraft, and missile defence systems, as well as naval and land systems.