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Riyadh signs deal with Raytheon Saudi Arabia to localize Patriot maintenance

REUTERS/Pascal Rossignol

Saudi Arabia signed a deal with the local unit of U.S. weapons maker Raytheon on Saturday to localize maintenance of its Patriot missile defense system, as part of efforts to boost Saudi’s defense industries and its broader economy.

Crown Prince Mohammed bin Salman plans to diversify the kingdom away from its reliance on oil exports and wants Riyadh to produce or assemble half its defense equipment locally, aiming to create 40,000 jobs for Saudis by 2030.

Saudi Arabia is among the top five defense spenders in the world. It is one of several U.S. allies to use Patriot, a ground to air missile system giving defense against ballistic missiles and other threats.

28th Dec 2019

News Source Reuters

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