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In line with Saudi Arabia's Vision 2030, and
following the announcement of HRH Prince Mohammed bin Salman bin
Abdulaziz, Crowne Prince, Deputy Chairman of the Council of
Ministers and Minster of Defense, to localize 50% of the total
military spending by 2030, Saudi Arabian Military Industries
(SAMI) and Boeing signed a Memorandum of Agreement last week to
develop a new joint venture aiming to localize more than 55% 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
localize the supply chain for spare parts in the Kingdom.
Commenting on this important milestone, H.E.
Ahmed Al-Khateeb, Chairman of SAMI, said, "Boeing has a
long-standing commitment to Saudi Arabia, and is extremely keen on
expanding its footprint in the country. Inspired by the vision of
HRH Prince Mohammed bin Salman, SAMI, on the other hand, is
exploring all collaborative opportunities to build a strong
autonomous military industries ecosystem in the Kingdom."
The joint venture agreement will provide
sustainment services for fixed and 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 MOA will further solidify the enduring
relationship between Boeing and Saudi Arabia and result in the
development of local research, design, engineering, manufacturing,
and MRO abilities. In addition, 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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