Monday 6 February 2023

Raytheon to set up new company in Saudi Arabia

RIYADH, May 21, 2017

Raytheon Company, a technology and innovation leader specialising in defence and cybersecurity solutions, has  joined forces with the newly-created Saudi Arabia Military Industries to launch its new company in the kingdom.

The new entity, Raytheon Arabia, which will have its base in capital Riyadh, is set to focus on implementing programmes that create indigenous defence, aerospace and security capabilities in the kingdom.   

As per the MoU, Raytheon and Saudi Arabia Military Industries Company will co-operate on defence-related projects and technology development.

The deal will also cover in-country program management, supply and sourcing capabilities, improved customer access and centralised accountability.

These programs will positively impact Saudi and US economies including job creation, said the company's senior officials at the signing ceremony held in the presence of Saudi King Salman bin Abdulaziz Al Saud and US President Donald J. Trump.

The agreement will enable continued global growth for Raytheon in key market areas such as Air Defence Systems, Smart Munitions, C4I Systems and Cyber Security of Defence Systems and Platforms.

This partnership will also contribute directly to the Kingdom of Saudi Arabia's localised defence ecosystem with regional expert capabilities, and will provide a long-term foundation for Saudi Arabia's economic development, they stated.

Raytheon chairman and CEO Thomas A. Kennedy said: "This strategic partnership is the next step in our over 50-year relationship in the kingdom and a strong indicator of our continued global growth."

"By working together, we can help build world-class defence and cyber capabilities in Saudi Arabia," he noted.

Headquartered in Massachusetts (US), Raytheon Company, which boasts a history of innovation spanning 95 years, provides state-of-the-art electronics, mission systems integration, C5I products and services, sensing, effects, and mission support for customers in more than 80 countries.

The company with 63,000 employees worldwide, had registered sales of $24 billion in 2016.-TradeArabia News Service

Tags: Saudi Arabia | defence | company | Raytheon |

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