RIYADH: American multinational aerospace and defense firm Raytheon Technologies has inaugurated the new headquarters of its Saudi Arabian subsidiary company in Riyadh. Addressing an audience of senior military officials and strategic industry partners during an official ceremony, Raytheon Saudi Arabia CEO David Hanley said the new building affirms the company’s multi-decade commitment to the Kingdom. “The opening of our new headquarters is a natural step following the creation of Raytheon Saudi Arabia five years ago and symbolizes our ongoing collaboration with the Kingdom to develop greater self-sufficiency within its military and security ecosystem, and to sustain jobs and create value in the Saudi economy,” said Hanley. He assured continuous investment in technology transfer, skills development, and the engagement of the local supply chain system, which could help Saudi Arabia address its existing and future threats effectively. Walid Abukhaled, CEO of Saudi Arabian Military Industries, or SAMI, expressed his desire for further cooperation between the two companies during the ceremony. “We join Raytheon Saudi Arabia in celebrating the inauguration of their new head office, which will undoubtedly serve as a catalyst to accelerating the company’s defense localization efforts, and continue to contribute to the Kingdom’s security needs,” said Abukhaled. Separately from the inauguration, the Ministry of Investment and Raytheon Saudi Arabia also announced a global supply chain initiative that will seek to identify key components of Raytheon’s Patriot air and missile defense system for manufacture in Saudi Arabia. “The investment opportunities unlocked by Saudi Arabia’s National Investment Strategy offer multinational industry leaders like Raytheon significant benefits which we at MISA have packaged into a cohesive Supply Chain Attraction Program,” said Khalid Al-Falih, Saudi Arabia"s minister of investment.