Saudi Military Industries (SAMI), owned by the Public Investment Fund (PIF), announced the signing of a strategic partnership agreement with Boeing, the leading global manufacturer of commercial jetliners and defense, space, and security systems, to establish a joint venture in Saudi.
The partnership was signed during the World Defense Show in Riyadh.
Ahmed bin Aqeel Al-Khatib, Chairman of Sami, said, “As we move rapidly towards realizing Saudi Vision 2030 ambitions for a fully sustainable defense industry, our long-term relationships with industry leaders such as Boeing will advance our strides in this sector.” Al-Khatib added that the joint venture with “Boeing” will address the requirements of the growing aviation sector in Saudi, paving the way for more fruitful cooperation in the coming years.”
Walid bin Abdul Majeed Abu Khaled, CEO of SAMI, said: “We expect the number of aircraft to double in Saudi over the next ten years, and therefore we look forward to the joint venture as the first step towards a broader future strategic partnership that will include more platforms and services in this field.”
For his part, Turbo Sjogren, vice president of Boeing’s International Government and Defence organization, said that under the new agreement, helicopter platforms in Saudi will be provided with maintenance, repair, and overhaul services. Moreover, Sjogren reaffirmed his commitment to partnering with SAMI, and the cooperation with Saudi’s concerned authorities to effectively contribute to the fulfillment of Saudi Vision 2030.