Saudi SAMI Signs Agreements with Airbus Helicopter Arabia, Singapore's ST Engineering

The Aviation and Space Systems Sector signs a contract with Airbus Helicopters Arabia to support SAMI in building its technical capabilities to provide rotercraft technical support to Saudi Armed forces. (SAMI)
The Aviation and Space Systems Sector signs a contract with Airbus Helicopters Arabia to support SAMI in building its technical capabilities to provide rotercraft technical support to Saudi Armed forces. (SAMI)
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Saudi SAMI Signs Agreements with Airbus Helicopter Arabia, Singapore's ST Engineering

The Aviation and Space Systems Sector signs a contract with Airbus Helicopters Arabia to support SAMI in building its technical capabilities to provide rotercraft technical support to Saudi Armed forces. (SAMI)
The Aviation and Space Systems Sector signs a contract with Airbus Helicopters Arabia to support SAMI in building its technical capabilities to provide rotercraft technical support to Saudi Armed forces. (SAMI)

The Aviation and Space Systems Sector, an affiliate of Saudi Arabian Military Industries (SAMI), signed on Monday a contract with Airbus Helicopters Arabia, the Kingdom’s subsidiary of Airbus helicopters to support SAMI in building its technical capabilities to provide rotercraft technical support to Saudi Armed forces.

The agreement will play a key role in equipping the staff with vital helicopter airframe maintenance skills and enhance its repair capabilities for landing gears, engines, engine accessories, and blades within the Industrial Partnership Agreement with GAMI, the local MRO players, and the Aircraft Accessories and Components Company (AACC), a SAMI’s subsidiary.

The agreement was signed on the sidelines of the Farnborough International Airshow in the UK which is being held from July 18 - 21 July.

Commenting on the contract, Eng. Walid Abukhaled said: “We are pleased to further strengthen our partnership with Airbus, a major helicopter manufacturer in the industry.”

“This contract will contribute greatly to our ongoing technology and human capital localization efforts through extensive training to accelerate development,” he added.

“We look forward to welcoming Airbus Helicopter’s dedicated staff, who will enable our national talents to gain valuable experience throughout the duration of the agreement.”

Mickael Bertrand, CEO of Airbus Helicopters Arabia, said: “It is with great pride that we embark on this new collaboration with SAMI Aerospace. We are dedicated to empowering one of the region’s most significant industry players through our own personnel’s expertise.”

“This contract also represents an invaluable opportunity to be part of and strengthen our support to the Kingdom’s rapidly developing defense ecosystem.”

SAMI is a wholly owned subsidiary of the Public Investment Fund (PIF) and Saudi Arabia's national champion of defense industries.

Also on Monday, SAMI signed a number of major agreements with a leading Singaporean technology defense and engineering group ST Engineering.

The agreements will support SAMI in producing cutting-edge defense systems toward executing its development and growth strategies in various defense equipment and capabilities, as well as technical support and training.

With these agreements, SAMI and ST Engineering anticipate close collaboration to further fortify the Kingdom’s defense capabilities.

ST Engineering was selected by SAMI as an original equipment manufacturer partner based on its expertise and track record in both the production and supply chain of defense-related equipment.

Aiming to capitalize upon the Singaporean group’s solid brand and reputation globally, the agreements represent SAMI’s continued commitment to partnerships that create a competitive advantage.

Eng. Abukhaled said: “We are proud to undertake these new ventures with ST Engineering, which has consistently stood out as a global leader in the defense sector.”

“With these new initiatives comes a bright opportunity to leverage supply chain capabilities and fortify our local position as the Kingdom drives towards defense sector autonomy in line with the objective of Vision 2030.”

Vincent Chong, Group President & CEO, ST Engineering, said: “We are extremely pleased to partner with SAMI in this collaboration to deliver high performance and robust defense solutions. This is in line with our international defense efforts in establishing strong local partnerships.”

SAMI’s collaboration with ST Engineering first kicked off in 2019 when teams from both organizations worked in unison to develop a joint partnership. The partnership continues to focus on sustainable practices and adding value to defense capabilities within Saudi Arabia.



Saudi Arabia Allows Contracting Exceptions for Firms without Regional HQ

The King Abdullah Financial District in Riyadh (Asharq Al-Awsat)
The King Abdullah Financial District in Riyadh (Asharq Al-Awsat)
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Saudi Arabia Allows Contracting Exceptions for Firms without Regional HQ

The King Abdullah Financial District in Riyadh (Asharq Al-Awsat)
The King Abdullah Financial District in Riyadh (Asharq Al-Awsat)

Saudi Arabia has introduced greater flexibility into its investment environment, allowing government entities, under strict controls to safeguard spending efficiency and ensure the delivery of critical projects, to seek exceptions to contract with international companies that do not have regional headquarters in the kingdom.

The Local Content and Government Procurement Authority notified all government bodies of the mechanism to apply for exemptions through the Etimad digital platform.

The step is designed to balance enforcement of the “regional headquarters relocation” decision, in force since early 2024, with the needs of technically specialized projects or those driven by intense price competition.

Under a government decision that took effect at the start of 2024, state entities, including authorities, institutions and government-affiliated funds, are barred from contracting with any foreign commercial company whose regional headquarters in the region is located outside Saudi Arabia.

According to the information, the Local Content and Government Procurement Authority informed all entities of the rules governing contracts with companies that lack a regional headquarters in the kingdom and related parties.

Government entities may request an exemption from the committee for specific projects, multiple projects or a defined time period, provided the application is submitted before launching a tender or initiating direct contracting procedures.

Submission mechanism

In two circulars, the authority detailed how to submit exemption requests and clarified the cases in which contracting is permitted under the controls. It said the exemption service was launched on the Etimad platform in November 2025.

The service is available to entities that float tenders through Etimad. Requests for tenders launched before the service went live, as well as those issued outside the platform, will continue to follow the previously adopted process.

Etimad is the kingdom’s official financial services portal run by the Ministry of Finance, aimed at driving digital transformation of government procedures and boosting transparency and efficiency in managing budgets, contracts, payments, tenders and procurement. The platform streamlines transactions between state entities and the private sector.

Technical criteria

When issuing the contracting controls, the government made clear that companies without a regional headquarters in Saudi Arabia, or related parties, are not barred from bidding for public tenders.

However, their offers can only be accepted in two cases: if there is no more than one technically compliant bid, or if the offer ranks among the best technically and is at least 25% lower in price than the second-best bid after overall evaluation.

Contracts with an estimated value of no more than 1 million riyals ($266,000) are also exempt. The minister may, in the public interest, amend the threshold, cancel the exemption or suspend it temporarily.

More than 700 headquarters

More than 700 multinational companies had relocated their regional headquarters to Riyadh by early 2026, exceeding the initial target of attracting 500 companies by 2030. The program seeks to cement the kingdom’s position as a regional business hub and to localize global expertise.

When announcing the contracting ban, Saudi Arabia said the move was intended to incentivize foreign firms dealing with the government and its affiliated entities to adjust their operations.

It aims to create jobs, curb economic leakage, raise spending efficiency and ensure that key goods and services procured by government entities are delivered inside the kingdom with appropriate local content.

The government said the policy aligns with the objectives of the Riyadh 2030 strategy unveiled during the recent Future Investment Initiative forum, where 24 multinational companies announced plans to move their regional headquarters to the Saudi capital.

It stressed that the decision does not affect any investor’s ability to enter the Saudi economy or continue working with the private sector.

 


IMF Board to Review Staff-level $8.1 Bln Agreement for Ukraine

The city's downtown on a frosty winter day, amid Russia's attack on Ukraine, in Kyiv, Ukraine February 19, 2026. REUTERS/Alina Smutko
The city's downtown on a frosty winter day, amid Russia's attack on Ukraine, in Kyiv, Ukraine February 19, 2026. REUTERS/Alina Smutko
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IMF Board to Review Staff-level $8.1 Bln Agreement for Ukraine

The city's downtown on a frosty winter day, amid Russia's attack on Ukraine, in Kyiv, Ukraine February 19, 2026. REUTERS/Alina Smutko
The city's downtown on a frosty winter day, amid Russia's attack on Ukraine, in Kyiv, Ukraine February 19, 2026. REUTERS/Alina Smutko

The International Monetary Fund on Thursday said its board ​would review a staff-level agreement for a new $8.1 billion lending program for Ukraine in coming days.

IMF spokeswoman Jule Kozack told reporters that Ukrainian authorities had completed the prior actions needed to move forward with the request ⁠of a new ⁠IMF program, including submission of a draft law on the labor code and adoption of a budget.

She said Ukraine's economic growth in 2025 ⁠was likely under 2%. After four years of war, the country's economy had settled into a slower growth path with larger fiscal and current account balances, she said, noting that the IMF continues to monitor the situation closely.

"Russia's invasion continues to take a ⁠heavy ⁠toll on Ukraine's people and its economy," Kozack said. Intensified aerial attacks by Russia had damaged critical energy and logistics infrastructure, causing disruptions to economic activity, Reuters quoted her as saying.

As of January, she said, 5 million Ukrainian refugees remained in Europe and 3.7 million Ukrainians were displaced inside the country.


US Stocks Fall as Iran Angst Lifts Oil Prices

A screen displays a stock chart at a work station on the floor of the New York Stock Exchange (NYSE) in New York City, US, April 6, 2022. REUTERS/Brendan McDermid
A screen displays a stock chart at a work station on the floor of the New York Stock Exchange (NYSE) in New York City, US, April 6, 2022. REUTERS/Brendan McDermid
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US Stocks Fall as Iran Angst Lifts Oil Prices

A screen displays a stock chart at a work station on the floor of the New York Stock Exchange (NYSE) in New York City, US, April 6, 2022. REUTERS/Brendan McDermid
A screen displays a stock chart at a work station on the floor of the New York Stock Exchange (NYSE) in New York City, US, April 6, 2022. REUTERS/Brendan McDermid

Wall Street stocks retreated early Thursday as worries over US-Iran tensions lifted oil prices while markets digested mixed results from Walmart.

US oil futures rose to a six-month high as Iran's atomic energy chief Mohammad Eslami said no country can deprive the Islamic republic of its right to nuclear enrichment, after US President Donald Trump again hinted at military action following talks in Geneva.

"We'd call this an undercurrent of concern that is bubbling up in oil prices," Briefing.com analyst Patrick O'Hare said of the "geopolitical angst."

About 10 minutes into trading, the Dow Jones Industrial Average was down 0.6 percent at 49,379.46, AFP reported.

The broad-based S&P 500 fell 0.5 percent to 6,849.35, while the tech-rich Nasdaq Composite Index declined 0.6 percent to 22,621.38.

Among individual companies, Walmart rose 1.7 percent after reporting solid results but offering forecasts that missed analyst expectations.

Shares of the retail giant initially fell, but pushed higher after Walmart executives talked up artificial intelligence investments on a conference call with analysts.

The US trade deficit in goods expanded to a new record in 2025, government data showed, despite sweeping tariffs that Trump imposed during his first year back in the White House.