Lockheed Martin To Partner With King Abdulaziz City For Science And Technology (KACST) In Saudi Arabia
RIYADH, Saudi Arabia, January 30, 2012 –Lockheed Martin [NYSE: LMT] and the King Abdulaziz City for Science and Technology (KACST) today announced the launching of a partnership to research and promote science, technology and innovation, continuing a 45 year relationship between Lockheed Martin and the Kingdom.
Under a newly signed Memorandum of Understanding (MOU) Lockheed Martin and KACST will coordinate with government agencies, academic institutions and other organizations to enhance joint research, increase knowledge sharing and support the development of national policy regarding science and technology in the Kingdom.
"We are pleased to work with an industry leader such as Lockheed Martin to enhance and build science, technology and innovation capabilities in Saudi Arabia," said His Excellency Dr. Mohammed ibn Ibrahim Al-Suwaiyel the President of KACST.
“Lockheed Martin looks forward to a long and productive partnership with KACST as part of our growing engagement in Saudi Arabia,” said Alan M. Chinoda, Lockheed Martin Saudi Arabia Chief Executive. “We are honored to be working with such a prestigious organization on the development of innovative and sustainable technologies for the Kingdom. There’s so much we can learn from each other. This collaboration will also assist us in our efforts with the EOC and the Babson College project. KACST’s BADIR organization will help entrepreneurs and ideas with the technology commercialization.”
KACST is an independent scientific organization administratively reporting to the Prime Minister. KACST is both the Saudi Arabian national science agency and its national laboratories. The science agency function involves science and technology policy making, data collection, funding of external research, and services such as the patent office. KACST has more than 3000 employees.
Headquartered in Bethesda, Md., Lockheed Martin is a global security company that employs about 123,000 people worldwide and is principally engaged in the research, design, development, manufacture, integration and sustainment of advanced technology systems, products and services. The Corporation's net sales for 2011 were $46.5 billion.