Lockheed Martin to invest $1 bln in defence manufacture in S. Arabia | Reuters
Lockheed Martin (LMT.N) will invest more than $1 billion to localise military manufacturing in Saudi Arabia, Ray Piselli, its vice president of international business, told broadcaster Asharq Business on Tuesday.
The Saudi General Authority for Military Industries (GAMI) and Saudi Arabian Military Industries (SAMI) have plans worth hundreds of millions of dollars and Lockheed Martin will spend more than $1 billion to support Saudi Arabia's local industry, Piselli was quoted as saying.
GAMI is the kingdom's regulator for the military industry and SAMI is a state-owned defence company.
Saudi Arabia has set itself ambitious targets to diversify its economy from oil, which it supplies to the West, including the United States from which it is a major buyer of weapons.
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