Exclusive: Defense firms see only hundreds of new U.S. jobs from Saudi mega deal
Source: Reuters
BUSINESS NEWS OCTOBER 30, 2018 / 1:14 AM / UPDATED 14 MINUTES AGO
Exclusive: Defense firms see only hundreds of new U.S. jobs from Saudi mega deal
Mike Stone
5 MIN READ
WASHINGTON (Reuters) - Every time President Donald Trump mentions the $110 billion arms deal he negotiated with Saudi Arabia last year, he quickly follows up, saying “It’s 500,000 jobs.”
But if he means new U.S. defense jobs, an internal document seen by Reuters from Lockheed Martin forecasts fewer than 1,000 positions would be created by the defense contractor, which could potentially deliver around $28 billion of goods in the deal.
Lockheed instead predicts the deal could create nearly 10,000 new jobs in Saudi Arabia, while keeping up to 18,000 existing U.S. workers busy if the whole package comes together - an outcome experts say is unlikely.
A person familiar with Raytheon’s planning said if the Saudi order were executed it could help to sustain about 10,000 U.S. jobs, but the number of new jobs created would be a small percentage of that figure.
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Read more: https://www.reuters.com/article/us-saudi-arms-jobs-exclusive/exclusive-defense-firms-see-only-hundreds-of-new-u-s-jobs-from-saudi-mega-deal-idUSKCN1N40DM
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