Saudi Chemical Co Signs MOU with NCMS to Boost Defense Industries Sector in KSA

Saudi Chemical Company Holding, via its subsidiary Saudi Chemical Company Ltd., and The National Company for Mechanical Systems (NCMS), have signed a memorandum of understanding (MOU) to explore cooperation in advancing the defense industries sector in the Kingdom. This collaboration was formalized during the second edition of the World Defense Show, where Saudi Chemical Company Limited is participating as a gold sponsor.

The MOU aims to bolster cooperation between the two entities in technology development and knowledge exchange, thereby supporting Saudi Arabia’s plans to localize defense industries and enhance self-sufficiency in this critical domain.

In a statement released today, February 7, 2024, on Tadawul, the company noted that the financial impact of this collaboration will be assessed after examining cooperative avenues, identifying joint projects, and estimating potential returns.

Commenting on the MOU, Eng. Thamer AlMuhid, GCEO & MD, stated: “At Saudi Chemical Company Limited, we possess extensive expertise across various domains, along with advanced manufacturing capabilities and production lines at our military industries complex in Riyadh. We believe that partnering with NCMS will facilitate further success in developing this sector, aligning with the goals of Vision 2030 to establish our nation as a regional and global hub for defense industries.”