Through the contract, Lockheed Martin Corp. (NYSE: LMT) will service Saudi Arabia's F-15 sniper targeting systems and radars. Those systems allow for day and night low-level navigation.
The agreement, announced Monday, is the first major deal of the biennial Dubai Airshow. Launched in 1986, the show booked a record $200 billion in orders in 2013. The spectacle runs through Thursday.
Under the contract, Lockheed Martin will collaborate with Advanced Electronics Company (AEC) to perform sniper sustainment services and upgrades at the Sniper Expanded Repair Capability facility in Saudi Arabia. AEC is a Saudi-based company focused on electronics manufacturing, system integration, and repair and maintenance services
The deal comes as Saudi Arabia and the United Arab Emirates have been leading the war in Yemen against the country's Shiite Houthi rebels since March. The two are also part of the U.S.-led coalition bombing the Islamic State group in Syria and Iraq.
The multimillion dollar contract is a huge win for Lockheed, and it's just one reason to be bullish on Lockheed Martin stock…
Why Lockheed Martin Stock Is a Buy (NYSE: LMT)
In late September, the global aerospace titan rolled out its first highly anticipated F-35A Lightning II for the Norwegian Armed Forces.
The F-35A Lighting II is an innovative fifth-generation fighter jet. Lockheed Martin describes it as "combining advanced stealth with fighter speed and agility."
The three variants of the F-35 will replace legacy fighters for the U.S. Air Force, U.S. Navy, and U.S. Marines. It will also be used in at least 10 other countries.
In short, the F-35 is the largest military contract in history, with Lockheed as the principal contractor…