18/07/2014 09:20 AST

LONDON — Raytheon Company and Pannesma Company Limited announced on Wednesday the board members of the Raytheon Atheeb Systems Limited (RASL) joint venture company in the Kingdom of Saudi Arabia.

The joint venture agreement builds upon Raytheon’s and Pannesma’s long-standing, successful partnership of more than 20 years and their ongoing commitment to support and expand the Saudi Arabian industrial, technology and educational base. Company ownership is Raytheon 51 percent and Pannesma 49 percent.

The RASL Board Members are Kimberly Kerry, Raytheon, vice president, C4I Systems, MENA; Louis Laroche, Raytheon, country leader, Kingdom of Saudi Arabia; Robert Shanks, Raytheon, vice president, Legal, Raytheon International, Inc; Ted Millspaugh, Pannesma, general manager; and Imad Alabdulqader, Atheeb, vice president, projects "Raytheon and Pannesma have had a successful partnership for many years and we look forward to working together to implement new, advanced technology projects within the Kingdom of Saudi Arabia," said Tom Kennedy, Raytheon Chief Executive Officer.

To date, Raytheon and Pannesma have worked collaboratively on a number of projects including the Peace Shield command, control and communications program for the Royal Saudi Air Force. Currently, the companies are executing a major Command, Control, Communications, Computers and Intelligence (C4I) program for the Ministry of Defense. “Partnering with companies such as Raytheon allows us to bring the best technology and talent to projects within our country,” said Prince Abdul Aziz Bin Ahmed, Chairman of Pannesma and Atheeb Group. “The truly collaborative relationship we have with Raytheon also creates opportunities to focus on and develop Saudi-based talent.”

Saudi Gazette

Ticker Price Volume

TASI 7,893.18 20.39 (0.26%)

Dividend Yield (%)
  • 1-Month
  • 3-Month
  • 1-Year
Volume Change
  • 10D Avg Vs 90D Avg
Index vs...
  • 52-w high
  • 50-day moving avg.
  • 200-Day Moving Avg
Ticker Price Change
SABIC 123.40 0.20 (0.16%)
STC 80.00 -1.60 (-1.97%)
RJHI 84.20 0.20 (0.23%)
NCB 41.50 0.30 (0.72%)
SECO 17.92 0.12 (0.67%)
Investors in UAE turn cautious after Lebanon blast


The stock markets in the UAE and GCC were in a tug-of-war state as investors weighed positive news on the economic front and a ‘catastrophic’ overnight explosion in Lebanon that killed at least 100.<

Gulf News

GCC equity markets mostly positive in 2Q20


GCC equity markets staged a strong recovery in the latter part of 2Q20, reversing a large part of the prior losses induced by the coronavirus and its associated lockdowns and restrictions. The recove

The Peninsula

MSM ends the week up despite lower volumes and turnover


The MSM 30 Index closed the week up by 0.12 per cent despite lower volume and turnover as compared to the previous week. Shariah index was down by 0.07 per cent. The turnover and volumes were lower t

Oman Daily Observer

ADX announces listing of $4 billion MDGH bonds


Abu Dhabi Securities Exchange (ADX) announced on Tuesday that it has listed $4 billion Fixed Rate Notes issued by MDGH GMTN B.V. and guaranteed by Mamoura Diversified Global Holding (MDGH).

The Gulf Today

UAE issuers are hitting a rich vein with bonds


Leading UAE banks have come to the bond market, and they are getting a warm response. Sharjah Islamic Bank priced its $500 million 5-year sukuk at LIBOR plus 285 bps, and received more than $3.4 bil

Gulf News