Boeing backs Saudi aerospace growth

RIYADH, Saudi Arabia, Jan. 25 (UPI) -- Boeing's defense sector chief Monday backed further investment and growth in Saudi Arabia.

"The Boeing Company is committed to the continued industrial growth and development of Saudi Arabia through its educational and industry partnerships that encourage innovation and competitiveness, according to Boeing Integrated Defense Systems President and CEO Jim Albaugh," the company said in a statement.

"Competitiveness in a global economy is really about good ideas and innovation," Albaugh said during remarks at the 2008 Global Competitiveness Forum -- GCF -- in Riyadh, hosted by the Saudi Arabian General Investment Authority, or SAGIA, governor, Amr Dabbagh.

"With an educated and skilled workforce, people focused on technology, sciences and engineering and with a transparent business environment, global growth and competitiveness will certainly be assured for a long time to come in Saudi Arabia and anywhere that embraces those principles," Albaugh said.

"In May 2007, Boeing Chairman Jim McNerney and Dabbagh signed an agreement to jointly grow the aerospace sector in the Kingdom of Saudi Arabia. Boeing continues to support SAGIA initiatives such as the GCF, where it is a Competitiveness Sponsor," the company said.

Boeing said its "long history of partnership with Saudi Arabia dates back more than 60 years. Along with providing commercial and defense products, Boeing played a leading role in establishing offset companies and has grown its industrial partnership through Alsalam Aircraft Co. A Boeing-led consortium and a group of local investors and companies established Alsalam in 1988 as a maintenance, repair and overhaul facility for Saudi Arabia and the region. Alsalam, which reports through Boeing International Support Systems, has grown into a profitable company with approximately 2,800 employees, 75 percent of which are Saudi nationals."

Boeing describes its Integrated Defense Systems unit as "one of the world's largest space and defense businesses specializing in innovative and capabilities-driven customer solutions. Headquartered in St. Louis, Boeing Integrated Defense Systems is a $32.4 billion business with 72,000 employees worldwide."