Saudi Arabian Military Industries and Boeing Form JV on Rotary Platforms
Posted on 04/10/2022
Saudi Arabian Military Industries (SAMI) is a wholly owned subsidiary of the Public Investment Fund. Saudi Arabian Military Industries announced a preliminary agreement with The Boeing Company (Boeing). Under the terms of the agreement, both companies will enter into a Kingdom-focused joint venture. Under the agreement, the parties will work together through a limited liability company to provide maintenance, repair and overhaul and sustainment services for military rotary platforms currently operated in Saudi Arabia. Much of this work is currently outsourced to the U.S. or Europe, while aircraft numbers in Saudi Arabia are expected to double in the next ten years.
Commenting on the agreement, Saudi Minister of Tourism and Chairman of SAMI Ahmed Al Khateeb, Chairman of SAMI, said in a press release “As we move towards the realization of our Vision 2030 ambitions for a strengthened defense industry, our long-standing relations with industry leaders such as Boeing will further our success. This joint venture will help to enable more defense manufacturing to take place in Saudi Arabia, ensuring more jobs and prosperity in the Kingdom – now and for generations to come.”