عربي English Türkçe اردو فارسى
Logo
Latest News
Business

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.
TT
TT

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.

Most Viewed

 
 
Business

Türkiye Says Aims to Rein in Tax Breaks, Target Avoidance in Reform Plan

A woman takes pictures as a ferry sails on the Bosphorus in Istanbul, Türkiye, 29 June 2024. EPA/ERDEM SAHIN
A woman takes pictures as a ferry sails on the Bosphorus in Istanbul, Türkiye, 29 June 2024. EPA/ERDEM SAHIN
TT
TT

Türkiye Says Aims to Rein in Tax Breaks, Target Avoidance in Reform Plan

A woman takes pictures as a ferry sails on the Bosphorus in Istanbul, Türkiye, 29 June 2024. EPA/ERDEM SAHIN
A woman takes pictures as a ferry sails on the Bosphorus in Istanbul, Türkiye, 29 June 2024. EPA/ERDEM SAHIN

A drive by Türkiye 's government to modernize the country's tax system will seek to boost revenue by tackling tax avoidance and scrapping incentives that are no longer needed rather than raising the overall burden, the finance minister said on Monday.

Mehmet Simsek said, however, that preliminary draft proposals being discussed within the government envisioned a minimum 15% corporate tax on multinational companies, confirming a report last month by state-owned Anadolu Agency.

According to Reuters, he did not give further details about the proposal. At present, multinational companies face varying levies depending on numerous factors.

Speaking to local broadcaster BloombergHT, Simsek said the government's plans - which would need to be approved by parliament - also included raising the corporate tax on public-private partnerships (PPPs) to 30% from 25% at present.

Simsek, who has spearheaded a year-long policy-tightening program to tackle soaring inflation, said in Monday's interview that the tax plan being discussed by government officials was in the early stages and could be subject to changes before being presented to parliament.

He said there were no plans to introduce a transaction tax on the purchase and sale of stocks, but the government could propose taxes on stock market gains sometime in the future.

Earlier this month, an economy official said Türkiye had almost finalized work on imposing a transaction tax on the purchase and sale of stocks and crypto assets.
The plans are part of broader efforts to boost government savings, fiscal discipline and price stability after years of turmoil that fueled soaring inflation.

As part of the tightening program, the central bank has aggressively hiked interest rates to 50% from 8.5% since June last year. Annual inflation hit 75% in May but was expected to have dipped in June.