Saudi Ara­bian Mil­i­tary In­dus­tries and Boe­ing form JV part­ner­ship tar­get­ing 55 per cent lo­cal­i­sa­tion

SP's MAI - - CORPORATE NEWS -

In line with Saudi Ara­bia’s Vi­sion 2030 and fol­low­ing the an­nounce­ment of Prince Mo­hammed bin Sal­man bin Ab­du­laziz, Crowne Prince, Deputy Chair­man of the Coun­cil of Min­is­ters and Min­is­ter of De­fense, to lo­calise 50 per cent of the to­tal mil­i­tary spend­ing by 2030, Saudi Ara­bian Mil­i­tary In­dus­tries (SAMI) and Boe­ing re­cently signed a Mem­o­ran­dum of Agree­ment (MoA) to de­velop a new joint ven­ture ( JV) aim­ing to lo­calise more than 55 per cent of the MRO ser­vices for fixed and ro­tary-wing mil­i­tary air­craft in Saudi Ara­bia. The agree­ment will also trans­fer tech­nol­ogy to in­stall weaponry on th­ese air­craft as well as lo­calise the sup­ply chain for spare parts in the King­dom.

The sign­ing cer­e­mony came in con­junc­tion with Prince Mo­hammed bin Sal­man’s visit to Seat­tle, which in­cluded an of­fi­cial visit and tour of Boe­ing’s air­craft man­u­fac­tur­ing fa­cil­i­ties. The agree­ment was signed by Ahmed Al-Kha­teeb, Chair­man of SAMI, and Den­nis Muilen­burg, Chair­man, Pres­i­dent, and CEO of Boe­ing, at Boe­ing’s com­mer­cial man­u­fac­tur­ing fa­cil­ity in Everett, Wash.

The JV agree­ment will pro­vide sus­tain­ment ser­vices for fixedand ro­tary-wing mil­i­tary air­craft of the KSA mil­i­tary fleet and will be the sole provider of th­ese ser­vices for all mil­i­tary avi­a­tion plat­forms of the KSA mil­i­tary fleet, strength­en­ing the King­dom’s de­fense ca­pa­bil­i­ties and en­hanc­ing its de­ter­rent po­ten­tial.

“We deeply ap­pre­ci­ate the trust that the King­dom of Saudi Ara­bia in gen­eral, and HRH Prince Mo­hammed bin Sal­man per­son­ally, are plac­ing in Boe­ing to help de­liver Vi­sion 2030 with this new joint ven­ture,” said Den­nis Muilen­burg, Boe­ing Chair­man, Pres­i­dent, and CEO. “Our re­la­tion­ship with the King­dom dates back more than 70 years, and we look for­ward to con­tin­u­ing our suc­cess­ful part­ner­ship in sup­port of the King­dom’s na­tional se­cu­rity and aero­space in­dus­try needs.”

The agree­ment will create 6,000 jobs and train­ing op­por­tu­ni­ties for Saudi youth, sup­port lo­cal con­tent, im­prove Saudiza­tion lev­els in the in­dus­try, and as­sist to­wards achiev­ing the ambitious Vi­sion 2030 plan.

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