Crown Prince Patronizes Deal on Localization of Military Manufacturing

[The SC]

Saturday, 31 March, 2018 - 05:45

Crown Prince patronizes deal on localization of military manufacturing

Saudi Crown Prince Mohammed bin Salman has patronized a signing ceremony for the establishment of a joint project aimed at localizing more than 55 percent of Saudi Arabia’s fixed-wing aircraft and helicopter maintenance, repairs and rehabilitation.

The agreement, which was signed in Seattle on Friday, also includes maintenance to weapon technologies and spare parts for the purpose of achieving the goals of Saudi Vision 2030, which states that 50 percent of Saudi Arabia’s military spending will be localized.

The deal was signed by Ahmed Al-Khateeb, chairman of the board of directors of the Saudi Military Industries Company (SAMI), and Dennis Muilenburg, Boeing CEO and chairman of board of directors.

The Crown Prince was also briefed on the activities of Boeing Aircraft Industries.

During his tour of the company, he was accompanied by Saudi Ambassador to the US Prince Khalid bin Salman bin Abdulaziz, and members of the official delegation accompanying the Crown Prince.


https://aawsat.com/english/home/art...izes-deal-localization-military-manufacturing

 

[The SC]

According to Reuters news agency, revenues from the partnership will increase Saudi Arabia's domestic component by more than $ 22 billion and create 6,000 jobs for Saudis by 2030.

Boeing said the partnership will provide sustainability services for military aircraft belonging to the Saudi Royal Air fleet, noting that the value of investments will reach $ 450 million and will include facilities and equipment within the Kingdom.