A Saudi company has signed an initial memorandum of understanding with Advanced CNG Technologies Inc. which will enable Saudi Arabia to manufacture missiles locally, reports the Okaz Saudi newspaper.
The memorandum was signed by the general manager of Tawazun Gulf Trading Group Abdul Rahman Al-Tambakti, from the Saudi side, and the representative of Advanced CNG Technologies.
The General Manager of Tawazun Gulf Trade Group said that this agreement is an advanced strategic project that contributes to supporting the industrial fields in Saudi Arabia, reports Okaz. Furthermore, he stated that this factory will the factory provide many important components, most notably the manufacture of car bodies, missile heads, and electronic platforms, in addition to armor and luxury cars.
The newspaper also quoted Al-Tambakti saying that work was underway to obtain the necessary industrial licenses, as well as benefit from the funds provided by government or private financing agencies, whether local or global, in order to achieve the goals of the project that is in line with Vision 2030.
He explained that it is expected to launch the project in Riyadh during the second half of 2021, and that the location of the factory opening may be changed to Jeddah.
Advanced CNG Technologies, Inc is an American copmany leading in the field of“missile components manufacturing technology, space industries, blue and alternative energy, oil industries, some components of combat tanks, armored vehicles, and luxury cars.