Friday 14 December 2018

Saudi plans to buy $28bn Lockheed equipment

RIYADH, May 21, 2017

Saudi Arabia has expressed its intent to procure more than $28 billion worth of Lockheed Martin integrated air and missile defense, combat ship, tactical aircraft and rotary wing technologies and programs, the company said.

“At Lockheed Martin, we are proud to be part of this historic announcement that will strengthen the relationship between the United States and the Kingdom of Saudi Arabia,” said Lockheed Martin chairman, president and chief executive officer Marillyn Hewson.

“We are especially proud of how our broad portfolio of advanced global security products and technologies will enhance national security in Saudi Arabia, strengthen the cause of peace in the region, and provide the foundation for job creation and economic prosperity in the US and in the kingdom. These agreements will directly contribute to His Majesty’s Vision 2030 by opening the door for thousands of highly skilled jobs in new economic sectors.”

The announcement includes:
• Letters of Offer and Acceptance and a Memorandum of Intent covering government-to-government sales of Lockheed Martin programs to include integrated air and missile defense systems, multi-mission surface combatant ships, radar systems, surveillance systems, tactical aircraft and rotary wing programs.
• A Letter of Intent, between Lockheed Martin and Taqnia, to form a joint venture to support final assembly and completion of an estimated 150 S-70 Black Hawk utility helicopters for the Saudi government. The program supports work for more than 450 US jobs including in Connecticut at Sikorsky and throughout the US supply chain and also supports KSA’s Vision 2030 by creating an additional 450 jobs in the kingdom, developing local capabilities through technology and skills transfer, thus enhancing the US-Saudi global security partnership.

• A Memorandum of Understanding between Lockheed Martin and Saudi Arabian Military Industries for the parties to work together to build defence capabilities in the KSA to support Vision 2030 and provide for localisation efforts associated with Multi-mission Surface Combatants and Aerostats.

Once fully realised, the programs in this announcement will support more than 18,000 highly skilled jobs in the US and thousands of jobs in Saudi Arabia as part of maintaining and modernising these platforms over the next 30 years. These programs help the Saudi government realise its Vision 2030 objective of building its domestic technology capabilities and skilled workforce, the statement said.

Headquartered in Bethesda, Maryland, Lockheed Martin is a global security and aerospace company that employs approximately 97,000 people worldwide and is principally engaged in the research, design, development, manufacture, integration and sustainment of advanced technology systems, products and services. - TradeArabia News Service

Tags: Saudi Arabia | Lockheed martin | Missile defence |

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