Lockheed Martin to Make $1 Billion Manufacturing Investment in Saudi Arabia
- March 9, 2022
- Posted by: Quatro Strategies
- Category: Defense
Lockheed Martin is planning to invest more than $1 billion in Saudi Arabia for manufacturing. The company funds will support the kingdom’s military industry regulator GAMI and state owned defense firm SAMI to strengthen local industry. Saudi Arabia has been looking to diversify its economy away from oil and use its power as a major arms buyer to attract investment.
Lockheed said funds will be allocated for manufacturing, R&D and maintenance, repair and operations (MRO) projects across the country to bolster its industry.
Saudi Arabia, which will spend $45 billion for military in 2022, has made developing a domestic industry a priority as part of its economic transformation project, knowns as Vision 2030.
Lockheed Martin will base some of its industry in the kingdom with cooperation from local companies and government entities.
Another major U.S. weapons maker Raytheon also said this week that it will move production of some parts of its Patriot missiles to Saudi Arabia.
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