Hanwha, Saudi gov't to cooperate in defense industry

Hanwha Aerospace Co. and Hanwha Systems Co. announced on Tuesday that they signed a three-party memorandum of understanding (MOU) for defense cooperation with the Saudi Arabian Ministry of the National Guard at World Defense Show 2024, a comprehensive defense exhibition held in Riyadh.

The ministry is an organization established for territorial and border protection, security management, and the protection of the royal and Islamic holy sites.

Under the MOU, Hanwha will participate in the ministry's medium to long-term plans, ranging from ground weapons systems, including armored vehicles, to surveillance systems utilizing robots and satellites.

The cooperation with Saudi Arabia, which aims to locally produce 50% of military supplies by 2030, will expand as part of the defense industry fostering plan.

Write to Hyung-Kyu Kim at khk@hankyung.com