Targeting 55% Localization With Revenues To Exceed $22 Billion And 6,000 Jobs By 2030
In line with Saudi Arabia's Vision 2030 and following the announcement of HRH Prince Mohammed bin Salman bin Abdulaziz, Crowne Prince, Deputy Chairman of the Council of Ministers and Minister of Defense, to localize 50% of the total military spending by 2030, Saudi Arabian Military Industries (SAMI) and Boeing [NYSE: BA] today signed a Memorandum of Agreement (MoA) to develop a new joint venture (JV) aiming to localize more than 55% of the MRO services for fixed and rotary-wing military aircraft in Saudi Arabia.