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 localize military equipment manufacturing, focusing on developing missile and drone defense systems.
This investment supports Saudi Arabia's "Vision 2030" initiative, which aims to domestically produce 50% of its military equipment by 2030 to reduce its significant defense spending.
Beyond manufacturing, Lockheed Martin is also investing in educational programs, including scholarships and vocational training, to foster local talent in defense research, development, and maintenance.

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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.