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Published: Tue, May 23, 2017
Economy | By Melissa Porter

Defense Stocks Reach Record Highs on Saudi Arms Deal

Defense Stocks Reach Record Highs on Saudi Arms Deal

The deal will be worth $350 billion over 10 years.

One of president Trump's economic crown jewels of his nine-day global, get-away-from-it-all tour has to be the signing of a series of agreements with the Saudis - agreements which include a military sales deal of "about $110 billion, effective immediately, plus another $350 billion over the next 10 years".

Lockheed Martin garnered a substantial portion of the massive deal. "These agreements will directly to His Majesty's Vision 2030 by opening the door f in the U.S.or thousands of highly skilled jobs in new economic sectors".

Today, the State Department released a "fact sheet" outlining the goal and content of the package.

Raytheon and the state-owned Saudi Arabia Military Industries Company have signed a memorandum of understanding to collaborate on defense projects and technology development efforts.

- A joint venture with the Kingdom to provide sustainment services for a wide range of military platforms. Included are offers of extensive training and support to strengthen our partnership and the Saudi armed forces.

The program is projected to support 18,000 skilled jobs in the US, along with thousands of jobs maintaining the equipment in Saudi Arabia for the next 30 years.

Lockheed Martin has secured a major contract with the Kingdom of Saudi Arabia. But given the source of the expression of Israel's concerns about the USA selling Saudi Arabia more than $100 billion in sophisticated arms was one of Netanyahu's longtime closest allies, he might have said it himself.

Additional details are emerging about President Donald Trump's $109.7 billion arms deal with Saudi Arabia that was formally signed on May 20.

The kingdom has agreed to buy Chinook helicopters, associated support services, and guided weapon systems. We welcome the opportunity to continue that support.

Air and Missile Defense: Systems such as Patriot and THAAD that will help Saudi Arabia protect itself and the region from missile or other airborne attacks.

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