Saudi Corporation Signs MOU with Leading American Missile Manufacturer

Local media reported that 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 domestically.

Okaz newspaper wrote that a local facility had signed a preliminary MOU 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 training Saudi youth on them."

The newspaper mentioned that the memorandum was signed from the Saudi side, by the general manager of Tawazun Gulf Trading Group, Abdul Rahman Al-Tambakti, and a representative of the American company.

The newspaper quoted Timbukti mentioning an advanced strategic project that contributes to supporting the industrial fields in the kingdom of Saudi Arabia, noting that its success requires removing the obstacles it may face.

The General Director 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.

Timbukti revealed that the project is expected to be launched in the city of Riyadh during the second half of next year 2021, noting the possibility of relocating the site for the opening of the factory 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."