Lockheed Martin to invest $1 bln to localize manufacturing in Saudi Arabia

08/03/2022 Argaam

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Lockheed Martin will invest more than $1 billion to localize military manufacturing in Saudi Arabia in line with Vision 2030, company Vice-President of International Business Ray Piselli told Asharq Business.

 

The Gulf market is significant, he said, noting that the company's business volume in the region amounted to $4 billion in 2020. On the other hand, commercial activity in the Kingdom exceeded $10 billion during the past five years.

 

The General Authority for Military Industries (GAMI) partnered with Lockheed Martin on two projects, as part of the localization of the Terminal High Altitude Area Defense (THAAD) weapon system program statement, Argaam reported.

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