Saudi Arabia: 70 companies invest $ 6.4 billion in the military industries sector

0
12


Saudi Arabia: 70 companies invest $ 6.4 billion in the military industries sector

It is divided into 6 activities, including licensing equipment, providing electronic services, and producing ammunition and explosives


Wednesday – 13 Rajab 1442 AH – February 24, 2021 AD Issue No. [
15429]


Sheikh Mohammed bin Zayed, Crown Prince of Abu Dhabi, accompanied by the Governor of the Saudi Military Industries Authority and the Kingdom’s ambassador to the Emirates (Middle East)

Abu Dhabi: «Middle East»

Saudi Arabia said yesterday that the number of companies operating in the military industries sector exceeded 70, with investments amounting to 24 billion riyals (6.4 billion dollars), by the end of last year, as the General Authority for Military Industries indicated during its participation in the International Defense Exhibition “IDEX” It also licensed a number of local and international companies.
The authority clarified that the number of these companies’ licenses (114 licenses) will enable them to practice several different activities in the military industries sector, as the percentage of manufacturing licenses reached 57 percent, the percentage of military service licenses reached 25 percent, while the percentage of supply licenses reached 18 percent, and reached The percentage of licensed national companies in this sector is 81 percent, while the percentage of foreign and mixed companies reached 19 percent of the total number of companies until the end of 2020.
The authority stated that it aims to support investors and facilitate their entry into the Saudi military and security industries market, to be part of its strategy in terms of localizing the military industries sector, with more than 50 percent of Saudi Arabia’s spending on military equipment and services by 2030.
She emphasized that the online portal for military industry licenses allows all investors to issue founding permits and military licenses that include 6 different activities in the sector, including military equipment, military services and military electronics, in addition to military electronic services, as well as ammunition and explosives manufacturing.
It is noteworthy that the General Authority for Military Industries is the authority responsible for organizing, enabling and licensing military industries in Saudi Arabia, and it has been entrusted with the task of developing a sustainable sector for the defense and security industries in the country, which strengthens its strategic independence in this field, strengthens the foundations of its national security, and supports its economic and social prosperity, according to According to the information released yesterday.
The Public Authority for Military Industries plays a pivotal role in organizing the sector, standardizing the purchasing power and requirements of defense and security agencies, working with the relevant authorities to harmonize the outputs of technical education and training with the needs of the military industries sector, and developing and attracting research and development capabilities and local competencies in this sector.

– Fair deals go up
The third day of “IDEX” and “NAVDEX” exhibitions 2021 witnessed the UAE Armed Forces announcing the signing of 12 deals worth 5.589 billion dirhams (1.4 billion dollars) with local and international companies, bringing the total of deals witnessed by the two exhibitions since their inception to about 17.913 billion dirhams (4.7 billion dirhams). Billion dollar).
Brigadier General Muhammad Al-Hassani, the official spokesperson for the IDEX and NAVDEX exhibitions, said that the total foreign deals amounted to 1.164 billion dirhams (310 million dollars), representing 21 percent of the total value of deals, while the value of local deals amounted to 4.425 billion dirhams. $ 1.1 billion), by 79 percent, indicating that the contracts were distributed to 6 foreign companies and 6 local companies.

The first Emirati air defense missile
The Emirati “Halkin” revealed the first anti-missile system, artillery shells and mortar shells designed and manufactured in the UAE. The Edge Group, the parent company of Halkin, developed a short-range air defense system, as did the German company Rheinmetall AG, which It was seeking to acquire a missile system to form part of its “Sky Nex” air defense system, as the two companies decided to provide a joint solution, whereby “Halkin” would provide the “Sky Knight” missile system for the distinguished “Orlcon Sky Nex” air defense system that set new standards. Thanks to its unique open architecture.
Faisal Al Bannai, CEO and Managing Director of Edge Group, said: “(Sky Knight) is the first Emirati air defense missile made by (Halkin), but it will not be the last, and it is one of the many great achievements announced within the country’s endeavor to establish defense capabilities. Sovereignty in order to address the increasing risks that are not covered by many entities in the market adequately ».


Saudi

The Saudi economy







LEAVE A REPLY

Please enter your comment!
Please enter your name here