State Department OKs $3B Updated Patriot Missile Sale to Saudi Arabia

The State Department has approved Saudi Arabia’s request to purchase Patriot missile interceptors and related equipment from the U.S. government under a potential $3.05 billion foreign military sales contract.

Raytheon Technologies (NYSE: RTX) will serve as the prime contractor to deliver 300 Patriot MIM-104E Guidance Enhanced Missile-Tactical Ballistic Missile units to the Saudi Arabian government, the Defense Security Cooperation Agency said Tuesday.

The proposed sale also includes tools and test equipment, spare and repair parts, training equipment, range and test programs, quality assurance team support, associated publications and technical documentation.

Saudi Arabia intends to use the Patriot missile interceptors in efforts to protect its borders against cross-border unmanned aerial systems and ballistic missile threats from the Houthi armed group.

DSCA notified Congress of the potential FMS deal Tuesday and the agency noted the sale will not alter the basic military balance in the region.

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