Boeing Co signs defense, commercial deals with Saudi Arabia

The agreements included the purchase of a fleet of Chinook helicopters and guided weapon systems, as well as a commitment from Boeing to aid the improvement of the aerospace industry in Saudi Arabia.

"We are especially proud of how our broad portfolio of advanced global security products and technologies will enhance national security in Saudi Arabia, strengthen the cause of peace in the region, and provide the foundation for job creation and economic prosperity in the USA and in the Kingdom".

Towards the end of past year the U.S. Department of State revealed that there were plans for Saudi Arabia to purchase CH-47F Chinook cargo choppers besides related equipment, support and training worth approximately $3.51 billion.

The total value of the deals was not disclosed in a statement announcing the agreements.

Boeing will also make a deal with Saudi Arabia to offer "sustainment services for a wide range of military platforms", including non-Boeing supplied tools.

More news: Donald Trump focuses fire on Iran's support for 'terrorists and militias'

Jet maker Boeing (BA) also signed a handful of deals with Saudi Arabia during Trump's weekend visit, involving the sale of military and passenger aircraft. The sale is expected to include Boeing 777 and or 787 aircraft, Reuters reported, citing a person familiar with the matter. Another separate business arrangement would "provide support for both military and commercial helicopters".

In addition, Boeing said that the Saudi Rotorcraft Support Company - a joint venture between Boeing, Alsalam Aerospace Industries and Saudia Aerospace Engineering Industries - recently received a commercial registration certificate.

The partnership in the aviation sector began on February 14, 1945 when US President Franklin D. Roosevelt presented a twin-engine DC-3 Dakota airplane to Saudi King Abdul Aziz Al Saud, according to a report by Boeing.

While the strong earnings season and positive economic data will help provide support, the market will continue to be susceptible to political developments and what they mean for Trump's agenda of tax cuts and higher infrastructure spending.

Boeing's share price was boosted 1.90% as of 15:40 BST on Monday, leading the charge higher in the Dow Jones Industrial Average at the beginning of the week. The stock is up over 16% so far this year.

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