Lockheed Martin + PTS partner on Kingdom’s first PAC-3 depot

Pioneers Technical Systems (PTS) and Lockheed Martin will establish the Kingdom’s first PAC-3 ground depot, which will test, repair, and certify launcher components for the Royal Saudi Air Defense Forces’ Patriot missile defense system, according to a press release.

The details: Lockheed Martin will provide testing capabilities and train local technicians, while PTS will leverage its expertise in electronics, circuit card assemblies, and cable manufacturing. The facility is expected to reach full operational capability by 2029.

Why it matters: The depot provides the connective tissue for the USD 9 bn Patriot missile sale approved by the US State Department last month (for which Lockheed Martin is the principal contractor). As the Kingdom integrates 730 new PAC-3 MSE missiles, the Riyadh depot will likely become the regional hub for the entire platform’s lifecycle.

This is Lockheed’s second technical play in Riyadh in two weeks, following the opening of its Riyadh Software Factory.

Americana gets a taste of Lebanon

Americana Restaurants is diversifying into Arabic cuisine through the USD 20.8 mn acquisition of Lebanese quick-service restaurant brand Malak Al Tawouk, according to a press release (pdf). The transaction — expected to close by the end of this month — includes a 75-year exclusive license to develop the brand across 13 markets in the GCC, the Levant, North Africa, and Central Asia, alongside the full acquisition of the brand’s existing franchises in the UAE and Saudi Arabia.

Why it matters: The transaction marks Americana’s first move into the Arabic QSR category. By acquiring existing franchises at a 12x P/E multiple on USD 21.1 mn in annualized revenue, Americana is wagering it can grow the family-founded brand faster than its previous owners.

February sukuk round closes at SAR 7.8 bn

The Finance Ministry closed its February 2026 issuance under the government’s SAR-denominated sukuk program, raising SAR 7.8 bn, according to a statement from the National Debt Management Center.

The issuance was structured in five tranches:

  • A five-year tranche valued at SAR 1.2 bn, maturing in 2031;
  • A seven-year tranche at SAR 1.4 bn, maturing in 2033;
  • A 10-year tranche at SAR 1.6 bn, maturing in 2036;
  • A 13-year tranche at SAR 510 mn, maturing in 2039;
  • A 15-year tranche at SAR 3.2 bn, maturing in 2041.

Routech Express raises USD 1 mn for its tech-enabled logistics platform

Homegrown logistics tech startup Routech Express closed a USD 1 mn pre-seed round led by Q Fund, according to a press release. The funding — which included contributions from angel investors — will go toward developing the startup’s platform, carrier integrations, and expansion both within and beyond the Kingdom.

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