Defense stocks are breaking records as news of the $110B weapons deal between United States and Saudi Arabia over the weekend. The joint venture will provide support for both military and commercial helicopters.
One month after about 40 U.S. -Saudi Arabia arms deals - going back to 2009 - the iShares U.S. Aerospace & Defense ETF (NYSE Arca: ITA) was up 3.3 percent, on average, nearly double the return of the S&P 500 (^GSPC), according to data compiled by Kensho. S. supply chain and also supports KSA's Vision 2030 by creating an additional 450 jobs in the Kingdom, developing local capabilities through technology and skills transfer, thus enhancing the U.S. -Saudi global security partnership. "By working together, we can help build world-class defense and cyber capabilities in the Kingdom of Saudi Arabia".
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The president began a two-day visit to Jerusalem on Monday after making a direct flight from Riyadh on what was believed to be the first open, direct flight to Israel from Saudi Arabia, The New York Times reported.
The objective of the package, according to State, is to significantly expand the more than seven-decade long security relationship between the United States and the Kingdom of Saudi Arabia, by supporting the Kingdom's defense needs and the "long-term security of Saudi Arabia and the Gulf region in the face of malign Iranian influence and Iranian related threats".
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Boeing said as well that it would negotiate a sale for as many as 16 wide body aircraft to air carrier Saudi Gulf Airlines based in Dammaam in eastern Saudi Arabia.
The full value of all the deals or the number of aircraft that the kingdom intends to purchase was not released in the prepared statement that announced the deals.
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Analysts say the main reason why Greece has taken a step back is its stalled bailout negotiations. Agreement will also accelerate negotiations on easing Greece's debt repayment terms.
The agreement will build on Raytheon's growth plans in global market areas such as air defense systems, smart munitions, C4I systems and cybersecurity of defense systems, the US defense contractor said Saturday.