SAMI Teams Up with Boeing: A Bold New Venture Unveiled
The SAMI group, a completely owned subsidiary of the Public Investment Fund and the nation’s defense localization leader, has revealed a preliminary pact with The Boeing Company (Boeing), the globe’s foremost aerospace enterprise and a top manufacturer of commercial aircraft, defense, space, and security systems, as well as a provider of aviation solutions to both civilian and military sectors. According to the specifics of the agreement, both corporations will engage in a Kingdom-centric joint venture.
This announcement was made during a signing ceremony at the inaugural World Defense Show in Riyadh. Marking the parties’ commitment to finalize the formal agreements in the upcoming weeks, the ceremony was attended by high-ranking officials from both sides, including His Excellency Ahmed Al-Khateeb, Minister of Tourism and Chairman of SAMI, Leanne Caret, Executive Vice President and Senior Advisor to Boeing, and Ted Colbert, President and CEO of Boeing Defense, Space, and Security.
His Excellency Ahmed Al Khateeb, Chairman of SAMI, commented on the agreement, stating: “As we progress towards achieving our Vision 2030 objectives for a fortified defense sector, our enduring partnerships with industry frontrunners like Boeing will propel our success. This joint venture will facilitate increased defense manufacturing in Saudi Arabia, ensuring more employment and growth in the Kingdom – now and for future generations.”
In his remarks regarding the agreement, Eng. Walid Abukhaled, CEO of SAMI, noted: “The upkeep of the rotary fleets operated across the Kingdom by various forces signifies a significant chance for localization and the development of new sustainable competencies. Much of this work is presently outsourced to the US or Europe, while the number of aircraft in the Kingdom is projected to double over the next decade. We also view this joint venture as an initial stride towards a wider strategic collaboration between Boeing and SAMI that will cover additional platforms and services in the future.”
Per the agreement, the two parties will collaboratively establish a limited liability company to offer maintenance, repair, overhaul, and sustainment services for military rotary platforms currently utilized in the Kingdom.
“We take pride in the enduring 77-year relationship Boeing has fostered with the Kingdom of Saudi Arabia,” stated Torbjorn Sjogren, VP of Boeing International Government & Defence Organization. “This agreement will deliver maintenance, repair, and overhaul services for the Kingdom’s rotorcraft platforms. It is a superb testament to our alignment with the Kingdom’s Vision 2030.”
“We’re devoted to our collaboration with SAMI and will persist in engaging with our stakeholders in the Kingdom to implement Vision 2030,” he concluded.
