S Arabia signs deal with Boeing to establish joint project

FE Team | Published: April 01, 2018 21:45:49

SAN FRANCISCO, Apr 01 (Xinhua): Saudi Arabia has signed a deal with leading U.S. aerospace manufacturer Boeing Company to establish a joint project in the Arabian kingdom.
The aim of the project is to localize more than 55 per cent of Saudi Arabia's aircraft-related technology, according to local media.
The cooperation in technology includes maintenance, repairs and rehabilitation of fixed-wing aircraft and helicopters, as well as weapon technology maintenance, according to the Saudi Gazette.
The signing ceremony held in Seattle on Friday was attended by the visiting Saudi Crown Prince Mohammed bin Salman Al Saud.
The Crown Prince's multi-week U.S. tour is focused on attracting U.S. technology and investments in various fields including green energy.
A memorandum of understanding was signed on Wednesday with Japan's SoftBank Group Corp to build the world's biggest solar farm in the Kingdom.
The deals concluded during the state visit are believed to facilitate Saudi Arabia's Vision 2030 plan to diversify its traditionally oil-dependent economy.