RIYADH: In a further boost to Saudi efforts to localize its defense industry, the Kingdom’s Scopa Industries has signed a deal with Airbus to jointly produce civil and military helicopters.
The deal was announced on the sidelines of the Saudi-French Investment Forum being held in Paris on Monday.
An official statement quoted Scopa CEO Nawaz Al-Akeel as saying that the Saudi defense company expects investments to exceed SR25 billion ($6.67 billion) in the next 20 years.
Al-Akeel said the first helicopters produced at joint Scopa and Airbus factories in Saudi Arabia would be seen within 24 months of next February’s World Defense Show, where he said the “foundation stone” for the project would be laid.
The event is scheduled to be held in Riyadh amid the Kingdom’s push to localize 50 percent of its military spending by 2030.
In an interview with Arab News last February, Andrew Pearcey said that the upcoming defense show will proclaim the growth of Saudi Arabia in the defense sector.
The Saudi-French forum, which began on Monday, seeks to address key issues across an array of sectors to create visibility for new investment opportunities for technology startups and entrepreneurship.
Saudi Minister of Investment Khalid Al-Falih is leading a senior delegation at the forum to highlight the Kingdom’s commitment to strengthening bilateral ties and exploring new opportunities.
Both sides aim to unlock new avenues, drive economic growth, and strengthen mutually beneficial ties.
The forum is the latest in a series of high-level Saudi-French engagements over the last year designed to enhance the partnership.
