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FINANCIAL NEWS
Saudi, Raytheon sign USD1.7b deal
22 Jun 2011
(MENAFN) Raytheon Integrated Defense Systems’ president, Tom Kennedy, said that the company signed a USD1.7 billion Direct Commercial Sales contract with Saudi Arabia to upgrade its Patriot Air and Missile Defense System, reported Arab News.
Kennedy added that the deal would provide Saudi Arabia with the most technologically advanced air and missile defense system in the world, the upgrade would be Raytheon’s latest Cinfiguration-3.
He also said that Raytheon would execute an upgrade for the ground system hardware, in addition to a full training package and support equipment upgrades.
It is worth noting that Patriot is chosen by 12 countries across the globe since it is affordable, has low-risk and effective as air and missile defense system.
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