Report: Lockheed Martin to Spend $1 Billion to Help Saudi Arabia Make Military Equipment

Tuesday, March 08, 2022 at 06:09 PM ET

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Lockheed plans to work with the Saudi General Authority for Military Industries (GAMI), the Saudi Arabian Military Industries (SAMI), and other partners to develop missile defense systems to ward off threats. [File Photo: Adobestock]

Key Takeaways:

Lockheed Martin plans to invest $1 billion in Saudi Arabia to help localize military equipment manufacturing, focusing on developing missile defense systems to counter drone and missile threats.
This investment aligns with Saudi Arabia's "Vision 2030" initiative, which aims to have 50% of its military budget spent locally by 2030 to modernize its forces and reduce reliance on foreign imports.
Beyond manufacturing, Lockheed Martin is also investing in scholarship, internship, and vocational training programs to improve research and development efforts and skill Saudi youth in complex defense mechanics.

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According to a recent report, Lockheed Martin (NYSE: LMT) plans to invest $1 billion in Saudi Arabia to help the Saudi military manufacture its military equipment locally.

Joseph Rank, chief executive for Lockheed Martin in Saudi Arabia and Africa, told Arab News on Tuesday that Lockheed plans to work with the Saudi General Authority for Military Industries (GAMI), the Saudi Arabian Military Industries (SAMI), and other partners to develop missile defense systems to ward off threats.