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SAMI Signs Defense Venture Deal with Lockheed Martin

SAMI Signs Defense Venture Deal with Lockheed Martin
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SAMI Signs Defense Venture Deal with Lockheed Martin

SAMI Signs Defense Venture Deal with Lockheed Martin

Saudi Arabian Military Industries (SAMI) has signed an agreement to set up a joint venture with US firm Lockheed Martin to enhance the Kingdom's defense and manufacturing capabilities, the Saudi company said on Sunday.

SAMI, which is owned by the Saudi state's Public Investment Fund (PIF), will own 51% of the venture.

"The new agreement will develop localized capabilities by transferring technology and knowledge, and by training a Saudi workforce in manufacturing products for, and providing services to, the Saudi armed forces," the statement said.

The agreement was signed on the sidelines of the International Defense Exhibition and Conference (IDEX) in Abu Dhabi, United Arab Emirates.

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Saudi Arabia Records Significant Increase in Potato Production

Saudi Arabia Records Significant Increase in Potato Production
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Saudi Arabia Records Significant Increase in Potato Production

Saudi Arabia Records Significant Increase in Potato Production

The Saudi Ministry of Environment, Water and Agriculture announced a remarkable 47% increase in potato production in 2023, achieving a self-sufficiency rate of 86% with over 621,750 tons of potatoes produced compared to 423,770 tons in 2021.

This milestone was achieved after more than 17,000 hectares of land were cultivated with potatoes in 2023, up from 15,890 hectares in 2021. The potato production surge has positively impacted the manufacturing sector, stimulating investment and the use of advanced technologies.

According to the Ministry, overall vegetable production in 2023 reached 3.21 million tons, marking a 19% rise from 2020.

The significant improvement in agricultural productivity and its SAR109 billion contribution to the GDP are attributed to the Ministry's strategic initiatives focused on boosting self-sufficiency, attracting investments, and providing financial support, including increased financing rates for modern technology-based projects.

By prioritizing local production and reducing reliance on imports, the ministry aims to achieve the goals outlined in Saudi Vision 2030 and diversifying the national economy.