Lockheed to spend $1B on military manufacturing in Saudi Arabia

Lockheed Martin’s vice president of international business, Ray Piselli, announced on Tuesday that the company is investing $1 billion to help Saudi Arabia manufacture military equipment.

As part of the country’s multi-billion-dollar transformation plan “Vision 2030,” Lockheed will collaborate with local companies and the government to develop indigenous systems for the military.

Lockheed chief executive Joseph Rank said that the aerospace giant plans to develop missile defense systems in cooperation with the Saudi General Authority for Military Industries and Saudi Arabian Military Industries.