US defence giant Raytheon Company on Wednesday announced the completion of the official commercial registration requirements for its new Riyadh-based business unit.
The milestone decision by the Ministry of Commerce and Industry allows Raytheon Saudi Arabia to accelerate its localisation strategy in support of the Gulf kingdom’s Vision 2030.
Earlier this year, Raytheon announced a memorandum of understanding with Saudi Arabia Military Industries.
"Commercial registration allows us to directly contribute to the Kingdom’s Vision 2030 by developing partnerships in the kingdom that will create desirable jobs for Saudis," said Kurt Amend, chief executive of Raytheon Saudi Arabia.
“Raytheon Saudi Arabia is now officially a local Saudi company bringing Raytheon’s technology and innovation to the kingdom.”
Raytheon Saudi Arabia will be based in Riyadh and is expected to include in-country program management, supply and sourcing capabilities, improved customer access and centralised accountability.
On Tuesday, Raytheon secured a AED2.5 billion ($680 million) contract with the UAE for bomb equipment.
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