Lockheed Martin Appoints New Chief Executive of Saudi Operations

Joseph Rank, Chief Executive for Lockheed Martin Saudi Arabia.
Joseph Rank, Chief Executive for Lockheed Martin Saudi Arabia.
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Lockheed Martin Appoints New Chief Executive of Saudi Operations

Joseph Rank, Chief Executive for Lockheed Martin Saudi Arabia.
Joseph Rank, Chief Executive for Lockheed Martin Saudi Arabia.

Lockheed Martin announced Joseph Rank as the Chief Executive for Lockheed Martin Saudi Arabia.

Rank takes over the position from Alan Chinoda who will be returning to Lockheed Martin based in the United States.

“I am confident that under Joseph’s leadership we will drive this strategic relationship to greater heights in the Kingdom, supporting Vision 2030, while strengthening regional and global security,” said Richard H. (Rick) Edwards, executive vice president of Lockheed Martin International.

“I would also like to thank Alan Chinoda for his outstanding contributions and leadership during his seven years in Saudi Arabia. During Alan’s tenure, we have strengthened the Lockheed Martin brand as a trusted defense and security partner to the Kingdom,” he added.

Rank told Asharq Al-Awsat that he is looking forward to continuing Lockheed Martin Saudi Arabia’s commitment to providing the most innovative security and defense solutions.

Rank recently concluded more than 30 years of service in the US Army, most recently in the Office of the Secretary of Defense where he served as the acting deputy assistant secretary of defense for Middle East Policy.

Headquartered in Bethesda, Maryland, Lockheed Martin is a global security and aerospace company that employs approximately 100,000 people worldwide and is principally engaged in the research, design, development, manufacture, integration and sustainment of advanced technology systems, products, and services. This year the company received three Edison Awards for ground-breaking innovations in autonomy, satellite technology, and directed energy.

Lockheed Martin entered Saudi Arabia with the delivery of the first C-130 Hercules in 1965. Since then, the company has expanded its security portfolio in the Kingdom to include integrated air and missile defense systems, maritime and civilian applications, in addition to providing critical technical support and educational expertise to local industry partners.



Saudi Power Procurement Company Signs Purchase Agreements for 3 Solar Energy Projects 

Officials are seen at the signing ceremony. (SPA)
Officials are seen at the signing ceremony. (SPA)
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Saudi Power Procurement Company Signs Purchase Agreements for 3 Solar Energy Projects 

Officials are seen at the signing ceremony. (SPA)
Officials are seen at the signing ceremony. (SPA)

The Saudi Power Procurement Company (SPPC) signed on Wednesday Power Purchase Agreements (PPA) for three new solar photovoltaic projects with a consortium of ACWA Power Company, and the Water & Electricity Holding Company (Badeel), a wholly owned subsidiary of the Public Investment Fund (PIF), and Aramco Power, a fully-owned subsidiary of Saudi Aramco.

The agreement was signed in the presence of Minister of Energy Prince Abdulaziz bin Salman bin Abdulaziz Al Saud.

These new projects with a capacity of 5,500 MW are part of the National Renewable Energy Program, which is supervised by the Ministry of Energy.

The three solar projects are:

Haden Solar PV, in Makkah Province, with a total capacity of 2,000 MW and an LCOE of 1.58762 cent/kWh (5.95356 Halala/kWh)

Al-Muwaih Solar PV, in Makkah Province, with a total capacity of 2,000 MW and an LCOE of 1.60852 cent/kWh (6.03194 Halala/kWh)

Al-Khushaybi PV, in Qassim Province, with a total capacity of 1,500 MW and an LCOE of 1.67289 cent/kWh (6.27334 Halala/kWh)

Starting 2024, Saudi Arabia will tender annually new renewable energy projects with a total capacity of 20 GW with the aim of reaching between 100 to 130 GW by 2030, depending on the growth of electricity demand.

Since the start of the renewables program to date, 21 projects have been awarded, including the projects that were signed on Wednesday with a total capacity of 19 GW. Of the 21 projects, seven with a total capacity of 4.1 GW are now connected to the grid, eight with a total capacity of 8.2 GW are under construction, and six with a total capacity of 7 GW are in the financial close stage.

Furthermore, and since the start of 2024, six new renewable energy projects have been tendered with a total capacity of 6.7 GW. Additional capacities are planned to be tendered during the current year in order to achieve the 20 GW annual tendered capacities target.

The National Renewable Energy program’s projects aim to reach the Kingdom’s optimal energy mix targets, and displace liquid fuels used in power generation sector and other sectors in the Kingdom, as part of the energy ecosystem’s efforts towards achieving Saudi Vision objectives.