This agreement was announced amid bilateral talks between the two nations. Credit: Leonardo S.p.A.

The Ministry of Investment of Saudi Arabia (MISA), the General Authority for Military Industries (GAMI), and Italian aerospace company Leonardo have signed a Memorandum of Understanding (MoU).  

This agreement, announced amid bilateral talks between the two nations, aims to explore and develop investment and collaboration opportunities within the aerospace and defence sectors. 

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Building on the successful outcomes from a previous MoU signed early in 2024, this latest agreement seeks to extend industrial partnership, particularly in combat, air and helicopter domains.  

The early 2024 agreement focused on areas include space industry, airframe maintenance, repair and overhaul (MRO), localisation of electronic warfare systems and radars, helicopter assembly, and integration across combat air and cross-domain fields.  

It also directed efforts on industrial processes, workforce development, and enhancing Saudi Arabia’s national supply chain. 

Leonardo has a history of supplying the Kingdom with platforms, systems, technologies, and services across multiple sectors, including air defence, maritime defence, and cyber capabilities. 

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This recent MoU marks a continuation of Leonardo’s commitment to strengthening its presence in Saudi Arabia, where it operates a dedicated headquarters.  

By working with local technology partners, research institutions, and end-users, Leonardo aims to drive sustained development and production within the country. 

The collaboration aligns with the goals of Saudi Arabia’s Vision 2030, which seeks transformative public sector reforms, economic diversification, citizen and business empowerment, and the creation of innovative growth opportunities. 

In 2024, Leonardo reported a revenue of €12.07bn ($12.67bn) for the first nine months of 2024, marking a 17.6% increase from €10.26bn in the same period the previous year.  

The company’s new orders also grew by 11.1%, reaching €14.75bn, up from €13.27bn in the same period last year.