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2017-06-08
Lockheed Martin and Raytheon ink multiple contracts with KSA
Saudi Arabia has expressed its intent to cooperate with Lockheed Martin and Raytheon in the field of defence-related projects and technology development programmes.
“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 U.S. 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 programmes to include integrated air and missile defence systems, multi-mission surface combatant ships, radar systems, surveillance systems, tactical aircraft and rotary wing programs.
It includes 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.
A Memorandum of Understanding was signed 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.
Raytheon Arabia to be launched
Furthermore, Raytheon Company and the Saudi Arabia Military Industries Company also signed a Memorandum of Understanding to cooperate on defence-related projects and technology development. 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 Defense Systems and Platforms. This partnership will contribute directly to Saudi Arabia’s localised defence ecosystem with regional expert capabilities, and will provide a long-term foundation for Saudi Arabia’s economic development.
“This strategic partnership is the next step in our over 50-year relationship in the Kingdom of Saudi Arabia and a strong indicator of our continued global growth,” said Thomas A. Kennedy, Raytheon Chairman and CEO. “By working together, we can help build world-class defense and cyber capabilities in the Kingdom of Saudi Arabia.”
As part of this new agreement, Raytheon announced plans to establish Raytheon Arabia, a Saudi legal entity wholly-owned by Raytheon that will focus on implementing programmes to create indigenous defence, aerospace and security capabilities in the Kingdom. The new company will be based in Riyadh and is expected to include in-country programme management, supply and sourcing capabilities, improved customer access and centralised accountability. These programmes are set to positively impact Saudi and US economies including job creation.
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