The General Authority for Military Industries of Saudi Arabia met in the British capital, London, with a number of investors in the fields of defense and military security industries.
The meeting was attended by investors from the United Kingdom and European countries, in addition to a number of those interested in the defense and security industries sector from other countries, in the presence of the Governor of the Authority, Engineer Ahmed Al-Ohali, and from the Authority’s partners in the sector.
The workshop, which was organized by the authority on the sidelines of Saudi Arabia’s participation, in the exhibition of defense and international security equipment DSE, witnessed a review of the strategy of the military industries sector in Saudi Arabia, and what the authority seeks to achieve by reaching a localization rate of more than 50% of government spending on military equipment and services by 2030 .
It also reviewed the most promising investment opportunities in the sector and its investment environment, which is witnessing an unprecedented movement in terms of empowering local and international investors.
On the sidelines of the exhibition, a training workshop
Strengthening the strategic independence of Saudi Arabia
The workshop was attended by representatives from the Authority, the Ministry of Investment, the Saudi Military Industries Company, the International Defense Exhibition, and a number of officials and stakeholders in the industry and investment sector from the Saudi and British sides.
In addition, the authority’s team and partners presented a visual presentation that included an overview of the sector and the unlimited support and special care it enjoys from the wise leadership, with the aim of embodying its wise and ambitious vision towards strengthening the strategic independence of Saudi Arabia and developing its national military industrial capabilities.
In turn, the governor of the authority, Ahmed Al-Ohali, explained that the meeting is an extension of a cumulative work based on introducing the investment sector’s environment and presenting the targeted Emiratisation opportunities in it.
Regulatory frameworks for investment
He added that the authority had set regulatory frameworks for investment in the sector, so as not to include any restrictions on the foreign investor wishing to enter the military industries market in Saudi Arabia, as long as he would be a partner in the process of localization, employment and technology transfer.
He also stressed that the Kingdom has become an ideal destination for investment in this sector in particular and the rest of the other industrial sectors in general.
The workshop concluded with answering the attendees’ inquiries, which were answered by the authority’s work team, in addition to putting forward many ideas and proposals, which would support the sector’s strategy to continue the process of Emiratisation.
It is worth noting that the General Authority for Military Industries seeks to develop national industries, research, technologies and competencies and enhance exports within the military industries sector, through long-term planning for military procurement, with the aim of raising the direct contribution of the military industries sector to the GDP by 2030, which contributes to Embodying the authority’s vision to localize half of the Kingdom’s military spending, and diversify the resources of the national economy.