Riyadh – Mubasher: The Saudi Arabian Military Industries (SAMI), a wholly-owned subsidiary of the Public Investment Fund (PIF), has sealed a preliminary joint venture (JV) agreement with Boeing Company.
Upon the agreement, the two parties will collaborate through a limited liability company to guarantee maintenance, repair, overhaul, and sustainment services for military rotary platforms operated in Saudi Arabia, according to a press release.
The agreement comes in line with the Kingdom’s Vision 2030.
Chairman of SAMI, Ahmed Al Khateeb, said: “This joint venture will help to enable more defence manufacturing to take place in Saudi Arabia, ensuring more jobs and prosperity in the Kingdom - now and for generations to come."
CEO of SAMI, Walid Abukhaled, noted: “The maintenance of the rotary fleets operated in the Kingdom by the different forces represents a major opportunity for localisation and development of new sustainable skills.”
Abukhaled added: “Much of this work is currently outsourced to the US or Europe, while aircraft numbers in the Kingdom are expected to double in the next 10 years.”
Last year, SAMI entered into a JV agreement with L3Harris Technologies.
