The new venture was signed on the sidelines of the IDEX show in Abu Dhabi. The Saudi company will own 51% and the American contractor 49%. Eng. Walid Abukhaled, CEO of SAMI, and Tim Cahill, senior vice president of Lockheed Martin signed the agreement.
“The agreement to establish a new Joint Venture represents a major step forward to realizing our ambitious goals, and we look forward to tremendous outcomes in the near future. It also supports PIF’s efforts through SAMI in localizing cutting-edge technology and knowledge, as well as building strategic economic partnerships,” he added
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