A Saudi corporation has signed an initial memorandum of understanding with a leading American company in the field of missile technology and space industries, with the aim of manufacturing missiles locally.
“Okaz” newspaper reported that a local facility has signed an initial memorandum of understanding with “Advanced CNG Technologies, Inc.”, one of the largest American companies in the world, in the field of “missile components manufacturing technology, space industries, blue and alternative energy, and oil industries.” And some components of combat tanks, armored vehicles and luxury sports cars, with the aim of transferring their expertise, technologies and experiences, settling them and training Saudi youth on them.
The newspaper stated that the memorandum was signed by the Saudi side, by the general manager of Tawazun Gulf Trading Group, Abdul Rahman Al-Tambakti, and the representative of the American company, Mr. Weinner.
The newspaper quoted Timbukti as describing the step after the signing of the agreement, as an advanced strategic project that contributes to supporting the industrial fields in Saudi Arabia, pointing out at the same time that its success requires removing the obstacles it may face.
The General Manager of Tawazun Gulf Trade Group stated that work is underway to obtain the necessary industrial licenses, as well as benefit from the funds provided, whether from governmental or private financing agencies, whether local or global, in order to achieve the objectives of the project that is in line with Vision 2030.
Al-Timbukti revealed that the project is expected to be launched in the city of Riyadh during the second half of next year 2021, indicating the possibility of relocating the site for the opening of the plant to the city of Jeddah.
Timbukti stated that the factory provides many important components, most notably “the manufacture of car bodies, missile heads, and electronic platforms, in addition to armor and luxury cars.”
The Director General of the Saudi Corporation expected that the localization of the industry during the coming period would lead to a positive price reflection in the Saudi market.
Source: Okaz
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