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[Alpha Biz=(Chicago) Reporter Kim Jisun] Hanwha, along with Saudi Arabia, has established a cooperative relationship to foster the local defense industry as it responds to the geopolitical crisis in the Middle East.
Hanwha Aerospace and Hanwha Systems announced on the 13th that they signed a three-way memorandum of understanding (MOU) with the Saudi Ministry of National Defense during the Middle East comprehensive defense exhibition "WDS 2024" held in Riyadh, Saudi Arabia.
Attending the signing ceremony on the 8th were Hanwha Aerospace executive Kim Young-don and Saudi National Defense Minister Abdullah bin Bandar Al-Saudi.
The Saudi National Defense Ministry is an organization established to protect territory and borders, security officials, and protect royal and Islamic holy places, and is a separate government ministry from the Ministry of National Defense.
With the signing of the MOU, Hanwha will participate in mid- to long-term plans by the National Defense Ministry in various fields, ranging from ground weapons systems such as armored vehicles to surveillance and reconnaissance systems using robots and satellites.
It will also expand cooperation with Saudi Arabia, which fosters the defense industry, with the aim of producing 50 percent of its munitions locally by 2030.
Alphabiz Reporter Kim Jisun(stockmk2020@alphabiz.co.kr)
