A Saudi Public Investment Fund company, the SAMI group, announced a preliminary agreement with the Boeing Company.
Riyadh — SAMI group is the Kingdom’s defense localization champion and a subsidiary of the Public Investment Fund. The company announced a preliminary agreement with the world’s largest aerospace company, Boeing.
The leading manufacturer of jetliners, defense aircraft, and space and security systems. This joint venture is Kingdom-focused.
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The announcement was made at the inaugural World Defense Show in Riyadh. The MOU confirms definitive agreements in the coming weeks.
The MOU signing ceremony was attended by the chairman of SAMI, Ahmed Leanne Caret, executive vice president and senior advisor to Boeing Company.
Ted Colbert, CEO, and president of Boeing defense, space, and security, was also present at the ceremony.
Commenting on the agreement, Al-Khateeb said: “This joint venture will help to enable greater defense manufacturing in Saudi Arabia. It will ensure more jobs and prosperity in the Kingdom – now and for generations to come.”
Eng. Walid Abukhaled, CEO of SAMI, said: “This joint venture is the first step towards a broader strategic partnership between Boeing and SAMI. The partnership will encompass additional services and the future.”
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Under the agreement, a new limited liability company will provide maintenance, repair and overhaul, and sustainment services for military rotary platforms.
Torbjorn Sjogren, VP, Boeing International, said, “We are proud of the long-standing 77-year relationship that Boeing has with the Kingdom of Saudi Arabia.”