Business & Money | Thursday 1 March, 2018 3:04 am |

The Armed Forces Exhibition to Support Local Industries “AFED 2018” on Wednesday witnessed the signing of an agreement between the Saudi Air Force and General Electric to transfer and localize technology for the maintenance and overhauling of engines for F-15S and the new F-15-SA fighter planes as well as Apache helicopters and T700 engines for Black Hawk helicopters at a value exceeding $330 million.

The agreement will create returns estimated at SR2.6 billion in the coming five years, said Abdullah Al-Omari, CEO of the Middle East Company for Aircraft Engines Limited, one of the economic offset companies.

Al-Omari said that the deal will create 250 to 300 jobs in the Saudi market. It will achieve several goals in the Saudization of the spare parts, machinery, training, technical support and engineering industries.

He said the agreement will attract technicians and engineers graduating from universities and specialist institutes, apart from taking advantage of military expertise.