Farnborough: Pannesma enters joint venture deal with Raytheon for Saudi market
Saudi-based Atheeb subsidiary Pannesma has signed a joint venture agreement with Raytheon to support its command, control comnunications, computer and intelligence (C4I) defence business.
HRH Prince Abdul Aziz Ahmad Abdulaziz Al Saud, chairman of Pannesma, came to Farnborough Air Show to sign the jv with the American company.
“Being a part of the Saudi Arabia industrial base, we understand the need to partner with established and innovative companies like Raytheon,” Prince Abdul said. “Through this joint venture we can bring best solutions to the Kingdom.”
The joint venture is seen as a means of providing even more reliable and capable defence systems for Saudi. “This solidifies a long-term partnership between our two companies and allows us both to provide KSA with reliable and capable aerospace and defence systems while building on our community involvement in terms of job creation and educational opportunities.”
The two sides confirmed that the joint venture establishment would be complete by the end of this year.