Key Points
South Korean defence firm LIG Nex1 has won a $3.2 billion deal to export a mid-range surface-to-air missile defence system to Saudi Arabia, South Koreas Ministry of National Defence said on Tuesday...
The South Korean ministry said that the Saudi defence ministry agreed to buy 10 batteries of a mid-range, medium-altitude interception system called Cheongung M-SAM II that can cope with ballistic missile and aircraft attacks...
Data from the Defence Ministry revealed a substantial increase in South Koreas arms sales, surging to $17 billion in 2022 from $7.25 billion the previous year...
South Korea and Saudi Arabia on Sunday signed a memorandum of understanding to expand defence cooperation, Seouls Defense Acquisition Program Administration (DAPA) said, as Seoul looks to ink further arms sales in the region...
In recent years, South Korean companies Hanwha, Poongsan and LIG Nex1 concluded deals with Saudi Arabia, collectively worth around $989 million, for multiple rocket launchers, ammunition and electro-optical systems, and more deals could be in the works, according to a November report by the London-based International Institute for Strategic Studies (IISS)...
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