May 20, 2017 – In a ceremony witnessed by KingSalman bin Abdulaziz Al Saud, and U.S. PresidentDonald J. Trump, Raytheon Company and the Saudi Arabia Military Industries Company today signed a Memorandum of Understanding to cooperate on defense-related projects and technology development.
The agreement will enable continued global growth for Raytheon in key market areas such as Air Defense Systems, Smart Munitions, C4I Systems and Cyber Security of Defense Systems and Platforms. This partnership will also contribute directly to theKingdom of Saudi Arabia’slocalized defense ecosystem with regional expert capabilities, and will provide a long-term foundation forSaudi Arabia’seconomic development.
“This strategic partnership is the next step in our over 50-year relationship in theKingdom of Saudi Arabiaand a strong indicator of our continued global growth,” saidThomas A. Kennedy, Raytheon Chairman and CEO. “By working together, we can help build world-class defense and cyber capabilities in theKingdom of Saudi Arabia.”
As part of this new agreement, Raytheon today announced plans to establishRaytheon Arabia, a Saudi legal entity wholly-owned by Raytheon that will focus on implementing programs to create indigenous defense, aerospace and security capabilities in the Kingdom. The new company will be based inRiyadhand is expected to include in-country program management, supply and sourcing capabilities, improved customer access and centralized accountability. These programs will positively impact Saudi and U.S. economies including job creation.