Saudi Arabia agrees $3.2B deal to buy South Korean missile defense system

South Korean defense firm LIG Nex1 has clinched a US$3.2 billion deal to export mid-range surface-air-to missiles (M-SAM II) to Saudi Arabia, Seoul's defense ministry said, Report informs, citing Yonhap.

LIG Nex1 inked the contract with the Saudi defense ministry to sell Cheongung M-SAM II in November, the ministry said.

The details of the contract were disclosed after the defense ministers of the two nations held talks in Riyadh on Sunday (local time) to boost arms industry ties on the sidelines of the World Defense Show.

The hit-to-kill missile system is capable of intercepting incoming missiles at an altitude of about 40 kilometers to protect vital facilities from artillery and aircraft threats.