SSaudi Arabia’s Ministry of Investment (MISA) and Raytheon Saudi Arabia announced a deal for Raytheon’s Patriot air and missile defence system to be manufactured in Saudi Arabia, according to a statement from MISA.
Raytheon Saudi Arabia, which is wholly owned by US-based Raytheon Technologies, is a defence, aerospace and cybersecurity company that supports the Kingdom’s military and civil defence requirements.
Saudi Arabia’s defense sector has witnessed a series of major business climate reforms in recent years, including the establishment of General Authority of Military Industries (GAMI) as the regulatory body, easy online licensing process, and allowing 100 percent foreign ownership of investments in the sector. The kingdom’s localisation goal will result in significant investment opportunities for both local and international investors – including global original equipment manufacturers and SMEs, which will create a supporting supply chain ecosystem around the larger companies that are expanding their activities in the Kingdom.
The Ministry of Investment signed 12 memorandums of understanding to promote investment, in-kingdom capability building, and the integration of Saudi Arabia into global value chains.
“The range of agreements signed today illustrates the confidence that our partners have in the Kingdom as a promising defense investment destination for global OEMs (original equipment manufacturers) as well as SMEs (small and medium enterprises) around the world,” said Abdulrahman AlMazyad, Managing Director of Defense Sector at the Ministry of Investment.
The firms that signed MOUs with Saudi Arabia are: L3Harris Technologies, Leonardo, LigNex1, Norinco, Naval Group, Hanwha, Expal Systems, Steel Core Designs & Al Hokair Group, Milkor, MacJee, CBC, Glock
