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

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

Verified

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 localize military equipment manufacturing and develop advanced missile defense systems against drone and missile threats.
This investment supports Saudi Arabia's "Vision 2030," which aims to modernize its military and localize 50% of its defense spending by 2030, anticipating significant cost savings.
Lockheed Martin is also fostering local talent by investing in scholarship, internship, and vocational training programs at Saudi colleges and universities for defense-related skills.

See a mistake? Contact us.

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.