US defence contractor Raytheon has revealed plans to create an indigenous defence industry for Saudi Arabia.
Vowing to accelerate the kingdom’s localisation strategy within the framework of Vision 2030, the defence giant said it will create jobs and raise billions of dollars in revenue.
“As part of the localisation plan, Raytheon will generate billions of dollars in local defence revenue and create 1,200 jobs for Saudis,” said Kurt Amend, CEO of Raytheon in Saudi Arabia.
“Raytheon Saudi Arabia will generate $7bn in local defence revenue, and $6bn in induced and indirect local revenue,” he added.
The executive explained that the company had been licensed by Saudi Arabia to achieve self-reliance in the design, development and production of defence equipment locally, Raytheon has already signed an MoU with state-owned Saudi Arabian Military Industries (SAMI).
Amend identified a number of areas that would be focussed on, including missile defence systems, precision-guided munitions, and cybersecurity.
Having received a commercial license from the Saudi Ministry of Commerce, he said: “Raytheon Saudi Arabia is now officially a local Saudi company, bringing Raytheon’s technology and innovation to the kingdom.”