TYSONS CORNER, VA, April 4, 2018 — Boeing (NYSE: BA) has signed a memorandum of agreement with state-owned company Saudi Arabian Military Industries to create a new joint venture that aims to localize at least 55 percent of maintenance, repair and overhaul work for Saudi Arabia’s fixed- and rotary-wing military aircraft fleet, ExecutiveBiz reported Monday.
The company said Friday the joint venture also seeks to create approximately 6,000 training and job opportunities as well as generate $22 billion in revenues by 2030 in support of Saudi Arabia’s Vision 2030 and National Transformation Program.
“With this local capability dedicated to sustaining all U.S.-made defense platforms, we can better serve our customers and support the Kingdom’s goals of localization and economic growth,” said Leanne Caret, president and CEO of Boeing’s defense, space and security segment and a 2018 Wash100 recipient.
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