Saudi’s SAMI Signs Defense Venture Deal With U.S. Lockheed Martin
IslamNews – Saudi Arabian Military Industries (SAMI) has signed an agreement to set up a joint venture with U.S. firm Lockheed Martin to enhance the kingdom’s defence and manufacturing capabilities, the state-owned Saudi company said on Sunday.
The venture will develop capabilities in manufacturingand software technologies, systems integration, and the production, maintenance, and repair of rotary and fixed-wing aircraft, and missile defense systems.
SAMI, which is owned by the Saudi state’s Public Investment Fund (PIF), will own 51% of the venture.
Lockheed Martin in involved in a project to install a $15 billion missile defence system in Saudi Arabia, part of a $110 billion arms package the administration of former President Donald Trump said it negotiated with the kingdom in 2017.