Saudi Ministry of Defense Signs 10 Deals worth SR 7 Billion at World Defense Show 2022

Tuesday 1443/8/5 - 2022/03/08
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Riyadh, March 8, 2022, SPA -- The Saudi Ministry of Defense (MoD) announced today the closing of 10 deals worth more than SAR 7 billion with local and international companies to support the armed forces' capabilities and raise combat effectiveness.
The announcement came as part of the Ministry’s participation in the World Defense Show (WDS) 2022 in Riyadh.
On the third day of WDS, the MoD signed a contract worth SR 3 billion with Hanwha, a Korean defense company, for the Riyal Saudi Land Fores (RSLF) to support its defense capabilities in addition to localization, and supply chain services. The contract was signed by Assistant Defense Minister for Executive Affairs Dr. Khaled Al-Biyari and President of Defense Sector in Hanwha Retired Lieutenant General Yung Kwan.
The MoD also signed three different contracts worth SR 1.700 billion with Alsalam Aerospace Industries to provide maintenance services for the Royal Saudi Air Forces (RSAF). The deal was signed by Dr. Al-Biyari and Alsalam Aerospace Industries CEO Abdul Mohsen Junaid.
The Ministry also signed an SR 800 million contract with the NAVAL Arabian Group to provide the Royal Saudi Navy Forces (RSNF) with vessel technical support services. The agreement was signed by Assistant Defense Minister for Executive Affairs Dr. Khaled Al-Biyari and NAVAL CEO Didier Fouilly.
In addition, the MoD signed an SR 400 million deal with the GDC Middle East to provide technical support for the C130 aircraft for the Royal Saudi Air Forces (RSAF). The contract was signed by Deputy Defense Minister for Procurement and Armament Ibrahim bin Ahmed Al Suwayed and GDC Middle East CEO Eng. Muneer Bakhsh.
Moreover, a deal worth more than SR 430 million was signed with Norinco, a Chinese company, to secure various types of ammunition for the General Directorate of Arms and Ammunitions. Al Suwayed and Norinco Vice President Sho Hong Yo signed the agreement.
The Ministry also signed an SR 460 million contract with Poongsan Corporation to secure various types of ammunition for the General Directorate of Arms and Ammunitions. The deal was signed by Al Suwayed and Poongsan Corp. Managing Director Geun-Woo Park.
Finally, the Saudi MoD also signed an SR 250 million contract with LIG NiX1, a Korean defense company, for the Royal Saudi Naval Forces (RSNF) to obtain electro-optical defense systems. The contract was signed by Deputy Minister for Procurement and Armament Ibrahim Al Suwayed and LIG NIX1 Head of International Business Seon Hu Lee in the presence of company Chairman Mr. Sang Ku.
“These contracts are signed as per HRH Crown Prince, Deputy Prime Minister and Minister of Defense Prince Mohammed bin Salman and Vice-minister Prince Khalid bin Salman directives to improve the readiness of forces, sustain defense systems and localize military manufacturing,” said Dr. Khaled Al-Biyari, Assistant Defense Minister for Executive Affairs, Saudi Arabia.
He added that these contracts with local and international companies represent the ambitious vision of the leadership in the Kingdom, which strives to support and enhance the capabilities of the armed forces, develop their capabilities, improve their efficiency and readiness, with a focus on localization of the military industries whether in systems manufacturing or their support.
--SPA
16:57 LOCAL TIME 13:57 GMT
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