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, with a primary focus on developing advanced missile defense systems against drones and missiles.
This investment aligns with Saudi Arabia's "Vision 2030," which aims to localize 50% of its military budget by 2030 to achieve significant cost savings and modernize its defense capabilities.
Beyond manufacturing, Lockheed Martin is also committing to human capital development in Saudi Arabia, supporting local colleges and universities with scholarships, internships, and vocational training to cultivate expertise in defense technology.

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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.