Saudi, US arms giant join forces to strengthen kingdom s defences
A model C130 military transport aircraft, manufactured by Lockheed Martin Corp., sits on the Saudi Arabian Military Industries Co. exhibition stand during the 53rd International Paris Air Show at Le Bourget in Paris, France, on 18 June 2019. [Jason Alden/Bloomberg via Getty Images] February 23, 2021 at 12:37 pm
Saudi Arabian Military Industries (SAMI) on Sunday signed an agreement to set up a joint venture with US Lockheed Martin to enhance the kingdom s defence capabilities .
SAMI, which is owned by the Saudi state s Public Investment Fund (PIF), said in a statement that it will own a 51 per cent stake in the venture, adding that it aims to develop localised capabilities by transferring technology and knowledge, and by training a Saudi workforce in manufacturing products for, and providing services to, the Saudi armed forces .