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RIYADH: Raytheon Company and the ��������Ƶ Military Industries Company on Saturday signed a memorandum of understanding to cooperate on defense-related projects and technology development in a ceremony witnessed by King Salman and US President Donald Trump.
The agreement will enable continued global growth for Raytheon in key market areas such as air defense systems, smart munitions and cybersecurity of defense systems, according to a company statement.
This partnership will also contribute directly to ��������Ƶ’s localized defense ecosystem with regional expert capabilities, and will provide a long-term foundation for ��������Ƶ’s economic development.
“This strategic partnership is the next step in our over 50-year relationship in ��������Ƶ 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 ��������Ƶ.”
As part of this new agreement, Raytheon on Saturday announced plans to establish Raytheon Arabia, a Saudi legal entity wholly-owned by Raytheon that will focus on implementing programs to create indigenous defense, aerospace and security capabilities in the Kingdom.
The new company will be based in Riyadh and is expected to include in-country program management, supply and sourcing capabilities, improved customer access and centralized accountability.
The programs will positively impact Saudi and American economies including job creation.