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Hanwha Aerospace and Hanwha Systems Forge Defense Pact with Saudi National Guard

New MOU signed at World Defense Show 2024 underscores Hanwha's commitment to Saudi Arabia's military self-reliance by 2030
South Korea
h 012450.KO h 272210.KO Mid and Small Cap 2000
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In a significant stride towards bolstering Saudi Arabia’s defense capabilities, Hanwha Aerospace Co. and Hanwha Systems Co. have entered into a pivotal memorandum of understanding (MOU) with the Saudi Arabian Ministry of the National Guard. This agreement, inked at the World Defense Show 2024 in Riyadh, marks a milestone in the kingdom’s ambitious goal to locally produce half of its military supplies by the end of the decade.

The Ministry of the National Guard, tasked with the crucial roles of territorial and border protection, security management, and safeguarding the royal and Islamic holy sites, will see Hanwha contribute to its medium to long-term defense initiatives. Hanwha’s involvement will span a broad spectrum of military technologies, from advanced ground weapon systems, including state-of-the-art armored vehicles, to cutting-edge surveillance systems powered by robotics and satellite technology.

This MOU is not just a business arrangement; it represents a strategic partnership aligned with Saudi Arabia’s vision to strengthen its defense industry. By collaborating with Hanwha, the kingdom aims to achieve a significant milestone in its defense industry fostering plan, pushing towards the target of achieving 50% local military production by 2030. This cooperation is poised to not only enhance the operational capabilities of the Saudi National Guard but also to contribute to the economic and technological advancement of the country’s defense sector.

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