RIYADH: Saudi ministry of investment has signed a total of 12 memorandum of understandings, or MoUs, in the aerospace and defense sector during the World Defense show, according to a statement.

The partnerships aim to advance manufacturing and systems development, promote technology transfer, localize capabilities of the firms, build local expertise in the aerospace and defense sector, and boost investment in the sector in general, it added.

They will also tackle the potential relocation of a firm’s regional headquarters to the Kingdom.

Businesses that are part of the partnerships include Hanwha Corporation, Leonardo, Expal Milkor, LIV, Naval Group among several others.