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Boeing Aims to Help Build Advanced Saudi Military Industrial Base

F-15EX fighter jets. (Asharq Al-Awsat)
F-15EX fighter jets. (Asharq Al-Awsat)
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Boeing Aims to Help Build Advanced Saudi Military Industrial Base

F-15EX fighter jets. (Asharq Al-Awsat)
F-15EX fighter jets. (Asharq Al-Awsat)

Boeing has positioned its F-15EX fighter jet as a cornerstone of its strategy to support Saudi Arabia’s growing defense sector and ambitions for self-reliance as the Kingdom moves to localize over half of its military spending under Vision 2030.

The US aerospace giant said the F-15EX offers not only a cutting-edge combat platform but also an opportunity to build a fully integrated local industrial base, including manufacturing, maintenance services, knowledge transfer and training of Saudi talent.

The F-15EX is one of the most advanced fighter aircraft in the world, said Rob Novotny, the Executive Director of F-15 Business Development at Boeing's Air Dominance Division, in exclusive statements to Asharq Al-Awsat.

The company is looking to work closely with Saudi partners, particularly the Saudi Arabian Military Industries company (SAMI) to localize production and technical support within the Kingdom, revealed Novotny.

Speaking on the sidelines of a visit by US President Donald Trump to Riyadh, Novotny said the F-15EX offers a significant leap from earlier variants of the aircraft. It is equipped with an advanced AESA radar, a next-generation electronic warfare suite and digital flight controls that enhance maneuverability and operational efficiency.

Designed to meet the demands of next-generation warfare, the F-15EX is compatible with both manned and unmanned systems and can carry up to five times the ground-attack munitions and six times the air-to-air missiles compared to previous versions, he said.

The F-15EX delivers a combination of high performance, extended range and up to 50% lower operating costs compared to other fighters, making it a strategic and economic choice for air forces looking to modernize their fleets, Novotny explained.

He moved on to highlight that the F-15EX shares around 95% compatibility with the current F-15 models used by Saudi forces, allowing for a seamless integration that reduces the need for major new training programs or support infrastructure.

Boeing sees this as a key advantage for the Kingdom as it modernizes its air capabilities without disrupting existing operations.

Beyond aircraft delivery, the company is positioning itself as a long-term partner in Saudi Arabia’s military transformation. It is working to establish sustainable local capabilities through technology transfer, simulation-based educational programs, and advanced technical training for Saudi personnel.

These efforts are supported through collaboration with the state-owned SAMI, with projects already under way to localize production, maintenance, and upgrades of the F-15EX within the Kingdom.

Boeing also plans to double production of the F-15EX by 2026 to meet rising global demand, with Saudi Arabia expected to be among the first to benefit from the expanded capacity.

The company views Saudi Vision 2030 as a strategic framework for long-term cooperation. Boeing aims to expand its industrial presence through enduring partnerships focused on technology transfer, job creation, and the localization of defense capabilities, positioning the F-15EX as a flagship example of advanced military integration between the two sides, Novotny added.

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Business

Saudi Arabia, Switzerland Sign Agreement on Reciprocal Protection of Investments

The agreement aims to strengthen and stabilize the investment environment, protect investors’ rights, and support the flow of mutual investments between the two countries. SPA
The agreement aims to strengthen and stabilize the investment environment, protect investors’ rights, and support the flow of mutual investments between the two countries. SPA
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Saudi Arabia, Switzerland Sign Agreement on Reciprocal Protection of Investments

The agreement aims to strengthen and stabilize the investment environment, protect investors’ rights, and support the flow of mutual investments between the two countries. SPA
The agreement aims to strengthen and stabilize the investment environment, protect investors’ rights, and support the flow of mutual investments between the two countries. SPA

Saudi Minister of Foreign Affairs Prince Faisal bin Farhan bin Abdullah and Minister of Investment Fahad Al-Saif have participated in the Saudi-Swiss Investment Roundtable Meeting in Jeddah, which was followed by the signing of an investment agreement between the two countries.

The meeting took place in the presence of Swiss President Guy Parmelin, with the participation of State Secretary for Economic Affairs Helene Budliger Artieda, along with a large number of officials and business leaders from both sides.

During the meeting, the conferees reviewed joint investment opportunities, discussed ways to strengthen economic cooperation between the two countries, and explored the development of partnerships in priority sectors in a manner that supports economic growth and enhances relations.

The meeting was held on the sidelines of the Swiss President’s official visit to the Kingdom, as the two countries mark 70 years of diplomatic relations that have, from the outset, helped lay the foundations of cooperation and build a partnership based on mutual respect and the development of shared interests between the two states.

After the meeting, an agreement was signed between the Saudi government and the Swiss Federal Council on the promotion and reciprocal protection of investments.

It was signed on the Saudi side by Al-Saif, and on the Swiss side by Parmelin.

The agreement aims to strengthen and stabilize the investment environment, protect investors’ rights, and support the flow of mutual investments between the two countries.

The meeting was attended by Saudi Ambassador to Switzerland and the Principality of Liechtenstein Abdulrahman Aldawood.

Business

US Stocks Dip on Mixed Earnings as Markets Monitor Iran

A trader works on the floor of the New York Stock Exchange (NYSE) at the opening bell in New York on March 24, 2026. (Photo by ANGELA WEISS / AFP)
A trader works on the floor of the New York Stock Exchange (NYSE) at the opening bell in New York on March 24, 2026. (Photo by ANGELA WEISS / AFP)
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US Stocks Dip on Mixed Earnings as Markets Monitor Iran

A trader works on the floor of the New York Stock Exchange (NYSE) at the opening bell in New York on March 24, 2026. (Photo by ANGELA WEISS / AFP)
A trader works on the floor of the New York Stock Exchange (NYSE) at the opening bell in New York on March 24, 2026. (Photo by ANGELA WEISS / AFP)

Wall Street stocks retreated from records early Thursday as markets digested a trove of mixed earnings reports and monitored the latest dynamics between the United States and Iran.

Analysts cited profit-taking after both the S&P 500 and Nasdaq shrugged off a jump in oil prices to finish at records on Wednesday.

About 10 minutes into trading, the Dow Jones Industrial Average was down 0.4 percent at 49,311.39, AFP reported.

The broad-based S&P 500 dipped 0.2 percent to 7,126.19, while the tech-rich Nasdaq Composite Index declined 0.3 percent to 24,588.07.

David Morrison, senior market analyst at FCA, called Thursday's early trading action "a mild bout of profit-taking triggered by some worrying reports of hostile action between the US and Iran," according to a note.

The US Defense Department said its forces boarded a vessel in the Indian Ocean that was transporting oil from Iran, while President Donald Trump announced on social media that he ordered the Navy to "shoot and kill" boats placing mines in the Strait of Hormuz.

Iran vowed it would keep the strait closed to all but a trickle of approved vessels for as long as the United States blockaded its ports.

Among companies reporting results, Tesla fell 1.7 percent and Lockheed Martin dropped 3.7 percent, while American Airlines jumped 4.9 percent.

Business

What Does the Inclusion of Saudi Bonds in the J.P. Morgan Index Mean?

Saudi woman walks at the Saudi stock market in Riyadh - Reuters
Saudi woman walks at the Saudi stock market in Riyadh - Reuters
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What Does the Inclusion of Saudi Bonds in the J.P. Morgan Index Mean?

Saudi woman walks at the Saudi stock market in Riyadh - Reuters
Saudi woman walks at the Saudi stock market in Riyadh - Reuters

Saudi Arabia’s debt market is set for a strategic shift in early 2027, following J.P. Morgan’s announcement that local-currency bonds will be included in its global emerging markets bond index. The move represents a vote of confidence in the Kingdom’s structural reforms and is expected to open the door to substantial capital inflows that will help finance major economic transformation projects.

In a note, J.P. Morgan said the move follows a series of reforms to improve foreign investor access and enhance local market capabilities.

The bank added that Saudi sukuk, Shariah-compliant debt instruments that function similarly to bonds, with a remaining maturity of up to 15 years, will be eligible for inclusion in the Government Bond Index-Emerging Markets (GBI-EM), the most widely tracked benchmark of its kind, with $233 billion in assets tracking it.

J.P. Morgan said eight sukuk issues would be eligible for inclusion, with a total value of $69 billion.

The Kingdom’s inclusion in the index is expected to boost liquidity and demand for sovereign debt, contributing to lower borrowing costs.

In September, J.P. Morgan had placed Saudi Arabia on “Positive Index Watch,” paving the way for its eventual inclusion in the GBI-EM.

Commenting on the decision, Saudi Finance Minister Mohammed Al-Jadaan told Bloomberg that the move reflects continued confidence in the Kingdom’s economic transformation trajectory. He said the inclusion marks a new milestone in Saudi Arabia’s integration into global financial markets, adding that its immediate impact will be seen in broadening and diversifying the investor base and supporting long-term capital inflows into the domestic debt market, thereby strengthening the resilience and stability of the national economy.

The Significance of the Index

The importance of J.P. Morgan’s index lies in its role as a benchmark guiding major global fund allocations, particularly passive funds that track indices automatically. With an expected weighting of around 2.52 percent, Saudi bonds will become a core component of international investor portfolios, increasing government bond liquidity and reducing borrowing costs over the long term, a critical factor for the Kingdom’s economy.

Passive funds play a key role in ensuring steady inflows. Trillions of dollars globally are managed through such funds. Once Saudi Arabia is included in the index, these funds will purchase Saudi bonds to remain aligned with it. Unlike active investors, they do not rapidly buy or sell based on daily news or market sentiment, but continue to hold bonds as long as they remain in the index, providing significant stability to the Saudi debt market. Their participation also ensures a constant base of large-scale buyers, facilitating bond trading at any time.

Reforms That Paved the Way

This inclusion is the result of a series of regulatory reforms highlighted by the bank in its note. Saudi Arabia has improved international investor access by linking to the global Euroclear system, expanding its network of primary dealers to include international banks, and facilitating cross-border settlement and trading. These measures have enhanced legal certainty and transparency, making the Saudi debt market an attractive and secure destination for foreign capital.

Financial Stability Amid Regional Challenges

Beyond its economic dimensions, the move carries strategic significance amid ongoing geopolitical tensions in the region. Increased inflows into local bonds are expected to strengthen the government’s ability to manage any economic fallout from regional instability. It underscores the resilience and attractiveness of the Saudi economy, demonstrating its capacity to attract quality investment and secure the financing needed for its development plans regardless of external challenges.