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 Minster of Defense, to localize 50% of the total military spending by 2030, Saudi Arabian Military Industries (SAMI) and Boeing [NYSE: BA] have 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, the company said.
The agreement will also transfer technology to install weaponry on these aircraft as well as localize the supply chain for spare parts in the Kingdom.
Boeing´s partnership with Saudi Arabia dates back to more than 70 years and is growing from strength to strength. It began on February 14, 1945, when US President Franklin D. Roosevelt presented a twin-engine Dakota DC-3 airplane (manufactured by Boeing´s heritage company Douglas Aircraft) to King Abdulaziz Al Saud. This event marked both the beginning of the Boeing relationship with Saudi Arabia and the birth of commercial air travel in the Kingdom.