BAE Systems Strengthens Saudi Presence with Company Reorganisation
BAE Systems has announced that it would reorganise its interests in Saudi Arabia into one company to enhance its relationship with Riyadh Wings, its partner in the country.
Europe’s biggest defence contractor is looking to bring together the strengths of the two groups in areas of training and development, electronics, and IT systems engineering into a single holding company which will be majority owned by BAE.
The reorganisation will not bring about any material near-term impacts on underlying earnings but highlights the company’s ongoing strive to have more of an influence in emerging markets via key partnerships.
"This enhancement of our relationship with our valued partner demonstrates the continued commitment to increase Saudi participation in our business in support of stated Saudi national priorities," BAE's Chief Executive Ian King said in a statement on Monday.
Image attribution: IanC66 / Shutterstock.com" target="_blank">IanC66 / Shutterstock.com
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