Saudi GAMI Announces 10 Investment Opportunities in Defense Sector

Hawk T1A trainer aircraft of the Saudi Falcons aerobatic team perform during an air show marking Saudi Arabia's 93rd National Day celebrations in Riyadh on September 23, 2023. (AFP)
Hawk T1A trainer aircraft of the Saudi Falcons aerobatic team perform during an air show marking Saudi Arabia's 93rd National Day celebrations in Riyadh on September 23, 2023. (AFP)
TT

Saudi GAMI Announces 10 Investment Opportunities in Defense Sector

Hawk T1A trainer aircraft of the Saudi Falcons aerobatic team perform during an air show marking Saudi Arabia's 93rd National Day celebrations in Riyadh on September 23, 2023. (AFP)
Hawk T1A trainer aircraft of the Saudi Falcons aerobatic team perform during an air show marking Saudi Arabia's 93rd National Day celebrations in Riyadh on September 23, 2023. (AFP)

The Saudi General Authority for Military Industries (GAMI) announced on Monday ten investment opportunities with joint military and civilian uses as a first stage.

The new investments are part of the direct outcome of the Military Industries Enabler initiative, launched by the Authority earlier this year.

It underscores Saudi Arabia’s commitment to enhancing its military capabilities, diversifying its economy, and providing attractive investment opportunities.

The investment portfolio is designed to cater to various stakeholders in the defense sector, including manufacturers and service providers. It also extends an invitation to supporting industries that can enhance the nation’s strategic military readiness.

The opportunities available through the Authority’s official website and the “Invest in Saudi Arabia” platform aim to provide attractive opportunities for investors and those interested in establishments operating in the sector, including manufacturers and service providers.

GAMI Governor Ahmed al-Ohali appreciated the efforts of Minister of Investment Khaled al-Falih for the support provided by the Ministry in enabling local and international investors.

He highlighted the crucial role of the Ministry of Investment in facilitating access to sector opportunities for local and international investors through the Invest in Saudi Arabia platform.

The Authority urged investors and those interested to visit its website and communicate with the work team to answer any inquiries, explain these opportunities in more depth, and enable access via the designated e-mail.



Saudi Energy Minister: Petroleum and Petrochemical Law Guarantees Fair Competition for Investors

Saudi Energy Minister Prince Abdulaziz bin Salman. (Reuters)
Saudi Energy Minister Prince Abdulaziz bin Salman. (Reuters)
TT

Saudi Energy Minister: Petroleum and Petrochemical Law Guarantees Fair Competition for Investors

Saudi Energy Minister Prince Abdulaziz bin Salman. (Reuters)
Saudi Energy Minister Prince Abdulaziz bin Salman. (Reuters)

Shortly after the Saudi Cabinet approved the Petroleum and Petrochemical Law, Energy Minister Prince Abdulaziz bin Salman said on Tuesday the regulation aims to achieve a set of goals, mainly regulating petroleum and petrochemical operations, in a manner that contributes to economic growth.

The law also backs efforts to attract investments, elevates employment rates, upgrades energy efficiency, safeguards consumers and licensees, while ensuring product quality and creating a competitive environment that fuels fair economic yields for investors, the Minister said.

Prince Abdulaziz expressed his gratitude to Custodian of the Two Holy Mosques, King Salman bin Abdulaziz and Prince Mohammed bin Salman, Crown Prince and Prime Minister, for the Cabinet’s decision to approve the new law.

He praised the Saudi leadership for its support and empowerment of the energy sector, and its contribution in boosting the sector’s productivity to achieve the targets of Vision 2030.

The new law helps in building the local energy sector’s legislative framework, Prince Abdulaziz went on to say.

“This is accomplished by leveraging the top-tier international practices, boosting performance, achieving national objectives, and ensuring the optimal use of petroleum and petrochemical resources,” he said.

The new law, replacing the Petroleum Products Trade Law, helps ensure the security and reliability of local petroleum and petrochemical supplies, the minister explained.

This is on top of achieving optimal utilization of raw materials, supporting the localization of the industry’s value chain, enabling national strategies and plans, and enhancing the control and supervision of petroleum and petrochemical operations to step up compliance with laws and regulations, he added.

The new law combats practice violations by regulating the activities of use, sale, purchase, transportation, storage, export, import, packaging, and processing of these resources.

It also regulates the establishment and operation of distribution channels and petrochemical facilities, said Prince Abdulaziz.