Saudi SAMI Announces Joint Venture Agreement with Boeing

Saudi SAMI Announces Joint Venture Agreement with Boeing
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Saudi SAMI Announces Joint Venture Agreement with Boeing

Saudi SAMI Announces Joint Venture Agreement with Boeing

SAMI group, a wholly owned subsidiary of the Public Investment Fund and the Kingdom’s national defense localization champion, has announced a preliminary agreement with Boeing.

Under the terms of the agreement, both companies will enter into a Kingdom-focused joint venture.

The announcement was made at a signing ceremony during the inaugural World Defense Show in Riyadh.

Commemorating the parties’ intention to sign the definitive agreements in the coming weeks, the ceremony was attended by top officials from both sides, including Ahmed Al-Khateeb, Minister of Tourism and Chairman of SAMI, Leanne Caret, Executive Vice President and Senior Advisor to Boeing Company and Ted Colbert, President and CEO of Boeing Defense, Space and Security.

“As we move towards the realization of our Vision 2030 ambitions for a strengthened defense industry, our long-standing relations with industry leaders such as Boeing will further our success. This joint venture will help to enable more defense manufacturing to take place in Saudi Arabia, ensuring more jobs and prosperity in the Kingdom - now and for generations to come,” said Al Khateeb.

CEO of SAMI Eng. Walid Abukhaled, said: “The maintenance of the rotary fleets operated in the Kingdom by the different forces represents a major opportunity for localization and development of new sustainable skills. Much of this work is currently outsourced to the US or Europe, while aircraft numbers in the Kingdom are expected to double in the next ten years.”

“We also see this joint venture as a first step towards a broader strategic partnership between Boeing and SAMI that will encompass additional platforms and services in the future.”

Under the agreement, the parties will work together through a limited liability company to provide maintenance, repair and overhaul and sustainment services for military rotary platforms currently operated in the Kingdom.

“We are proud of the long-standing 77-year relationship that Boeing has with the Kingdom of Saudi Arabia,” said Torbjorn Sjogren, VP, Boeing International Government & Defense Organization. “This agreement will provide maintenance, repair and overhaul services for the Kingdom’s rotorcraft platforms. It is an excellent example of our alignment with the Kingdom’s Vision 2030.”

“We're committed to our partnership with SAMI, and will continue to work with our stakeholders in the Kingdom to execute on Vision 2030,” he added.



Saudi Crown Prince, Russian FM Discuss Regional, International Developments

The Crown Prince welcomed Minister Lavrov and his accompanying delegation to the Kingdom on Tuesday - SPA
The Crown Prince welcomed Minister Lavrov and his accompanying delegation to the Kingdom on Tuesday - SPA
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Saudi Crown Prince, Russian FM Discuss Regional, International Developments

The Crown Prince welcomed Minister Lavrov and his accompanying delegation to the Kingdom on Tuesday - SPA
The Crown Prince welcomed Minister Lavrov and his accompanying delegation to the Kingdom on Tuesday - SPA

Prince Mohammed bin Salman bin Abdulaziz Al Saud, Saudi Crown Prince and Prime Minister, met with Russian Minister of Foreign Affairs Sergei Lavrov in Riyadh on Tuesday.
The officials reviewed relations between their countries and discussed ways to enhance and develop them in various fields.They also exchanged views on regional and international developments and the efforts exerted towards them to achieve security and stability.
The meeting was attended by Saudi Minister of National Guard Prince Abdullah bin Bandar bin Abdulaziz, Minister of Foreign Affairs Prince Faisal bin Farhan bin Abdullah, and Minister of State, Member of the Cabinet, and National Security Adviser Dr. Musaed bin Mohammed Al-Aiban.
The meeting was also attended by Aide to the Russian President Yury Ushakov, Russian Ambassador to Saudi Arabia Sergey Kozlov, and several senior officials from the Russian Ministry of Foreign Affairs.