A Saudi corporation yesterday signed an initial memorandum of understanding (MoU) with a leading American company to manufacture missiles domestically, the local Okaz newspaper reported.
The deal, which was signed between the US' Advanced CNG Technologies Inc. and the kingdom's Tawazun Gulf Trading Group, aimed at "transferring expertise, technologies and providing technical training to Saudi youth".
The MoU was signed at a ceremony by Tawazun's General Manager, Abdul Rahman Al-Tambakti, and the American company's representative.
"The manufacturing 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-Tambakti told reporters, adding that the project would be launched "in the Saudi capital of Riyadh during the second half of next year 2021."
Advanced CNG Technologies Inc is one of the world's largest companies in the field of missile components manufacturing technology, space industries, blue and alternative energy, and oil industries, and some components of combat tanks, armoured vehicles, and luxury sports cars.