Saudi sets up joint venture with Lockheed Martin

The Saudi Arabian Military Industries has signed an agreement to set up a joint venture with US firm Lockheed Martin to enhance defence and manufacturing capabilities.

SAMI, owned by the state’s Public Investment Fund (PIF), will own 51% of the venture. Saudi is one of the world’s largest buyers of foreign arms.

Lockheed Martin is involved in a project to install a $15 billion missile defense system in Saudi Arabia, part of a $110 billion arms package negotiated with the kingdom in 2017.

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