The Saudi Arabian Military Industries Corporation (SAMI), which is wholly owned by the Public Investment Fund, and the American Lockheed Martin Company announced (Sunday) the signing of a strategic agreement to establish a joint project for cooperation between the two companies in the field of enhancing the Kingdom's defense and security capabilities, supporting its manufacturing capabilities, and contributing to achieving economic development goals within the Kingdom's vision. 2030.

 The agreement was signed on the sidelines of the International Defense Exhibition and Conference (IDEX) in Abu Dhabi, United Arab Emirates, and was signed by the CEO of SAMI, Eng. Walid Abu Khaled, and Timothy Cahill, Senior Vice President of "Lockheed Martin for the International Sector".

Under the agreement, SAMI will own 51% of the joint venture’s shares in exchange for 49% for Lockheed Martin, while the new agreement will develop localization capabilities by transferring technology and knowledge, and training Saudi cadres in manufacturing products and providing services for the Saudi armed forces. The CEO of SAMI, Eng. Walid Abu Khaled, said: “In keeping with the goals of the Kingdom’s Vision 2030, we are exploring areas of cooperation at SAMI that help us build a sustainable and self-sufficient military industries sector in the Kingdom.”