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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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Local Content in Saudi Government Projects Rises to 47% by Q3

Al-Falih said that local content policies are integral to the state’s strategy. (SPA)
Al-Falih said that local content policies are integral to the state’s strategy. (SPA)
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Local Content in Saudi Government Projects Rises to 47% by Q3

Al-Falih said that local content policies are integral to the state’s strategy. (SPA)
Al-Falih said that local content policies are integral to the state’s strategy. (SPA)

The proportion of local content in Saudi government projects has grown significantly, rising from 33% in 2020 to approximately 47% by the end of the third quarter of this year. This progress was announced by Minister of Industry and Mineral Resources Bandar Al-Khorayef during a ministerial session titled, Future Trends in Light of Vision 2030, at the second edition of the Local Content Forum 2024.

Tourism Minister Ahmed Al-Khateeb emphasized that tourism is a cornerstone of Vision 2030, stating: “We aim to localize investment spending with the support of national institutions.”

He also outlined plans to increase the tourism sector’s contribution to the national economy from 3% in 2019 to 10%.

Al-Khateeb underscored the collaborative efforts underway with the private sector to develop the tourism industry.

For his part, Investment Minister Khalid Al-Falih highlighted that local content policies have been integral to the state’s strategy since its founding. He stressed that enhancing the competitiveness of local companies plays a vital role in advancing localization efforts.

Minister of Municipal and Rural Affairs and Housing Majed Al-Hogail stated that increasing local content is part of a long-term plan, noting that 70% of home construction technologies are now manufactured locally.

In turn, Economy and Planning Minister Faisal Al-Ibrahim explained that boosting local content helps drive economic growth. He emphasized that import substitution presents a valuable opportunity to support domestic products and balance trade.