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Saudi Companies to Make Parts for Lockheed's THAAD Defense System

According to Lockheed, these contracts will enhance manufacturing capabilities in Saudi Arabia and transfer expertise. (Lockheed website)
According to Lockheed, these contracts will enhance manufacturing capabilities in Saudi Arabia and transfer expertise. (Lockheed website)
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Saudi Companies to Make Parts for Lockheed's THAAD Defense System

According to Lockheed, these contracts will enhance manufacturing capabilities in Saudi Arabia and transfer expertise. (Lockheed website)
According to Lockheed, these contracts will enhance manufacturing capabilities in Saudi Arabia and transfer expertise. (Lockheed website)

US weapons maker Lockheed Martin has signed agreements for Saudi Arabian companies to manufacture parts of its Terminal High Altitude Area Defense (THAAD) system, the company said on Monday.
These sub-contracts will enhance manufacturing capabilities in Saudi Arabia and transfer expertise to strengthen the country’s defense industry, Lockheed said in a statement.
The main conditions of the THAAD defense system purchase agreement, provide for work localization in Saudi Arabia to be in line with the Saudi Vision 2030’s priorities.
Saudi Arabia benefits from these strategies through quality international defense partnerships with Lockheed Martin and with other major manufacturers of innovative equipment that brings common interest for concerned parties.

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PIF Launches Al Waha, First Saudi-Owned Duty-Free Retailer

PIF Launches Al Waha, First Saudi-Owned Duty-Free Retailer
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PIF Launches Al Waha, First Saudi-Owned Duty-Free Retailer

PIF Launches Al Waha, First Saudi-Owned Duty-Free Retailer

The Public Investment Fund (PIF) announced on Monday the establishment of Al Waha Duty-Free Company (Al Waha), a travel retailer and the first Saudi-owned duty-free operator.

Al Waha, a wholly owned PIF company, will become a leader in travel retail and secure a greater share of passenger spending for the Saudi economy, said PIF in a statement.

Al Waha will develop luxury retail outlets in select locations across the Kingdom and feature a variety of merchandise including unique, high-quality Saudi products. The company will operate its airport outlets on a duty-free basis, and will explore additional travel retail opportunities at land border crossings and seaports, as well as channels such as inflight shopping.

Head of Consumer Goods and Retail in MENA Investments at PIF Majed Al-Assaf said: “By establishing Al Waha as a national travel retail champion, PIF intends to grow the Saudi travel retail industry and further support its ambitions for the tourism sector in Saudi Arabia.”

“Al Waha will offer a distinctive traveler experience across Saudi travel retail touch points through diverse product offerings, a duty-free operation and a superior digital customer journey,” he added.

There is considerable potential for Saudi Arabia to gain a larger share of travel retail spending in the future, and the continued increase in visitors coming to the country - as well as global events being hosted locally - offer new opportunities to generate sustainable travel retail revenues, he remarked.

PIF is unlocking the capabilities of strategic sectors to diversify the Saudi economy, stressed the statement.