Boeing, a Chicago-based company, and Saudi Arabian Military Industries (SAMI), owned by the PIF, agreed to form a joint venture to expand the Kingdom’s aircraft industry.
By providing military platforms with maintenance, repair and overhaul, the pact will improve Saudi Arabia’s defence capabilities by SAMI’s own admission.
SAMI board chairman Ahmed Al-Khateeb said, “This JV will serve to address the rising aviation sector’s needs in the Kingdom and pave the way for further beneficial cooperation in the coming years.”
A future strategic cooperation between SAMI and Boeing, according to SAMI CEO Walid Abukhaled, will begin with the JV.
According to the Kingdom’s long-term strategy, the defence sector will be completely self-sufficient in the year 2030.
