Saudi Firms Export Advanced Military Parts Abroad

The 2016 Armed Forces Exhibition for Diversity of Requirements and Capabilities. (AFED)
The 2016 Armed Forces Exhibition for Diversity of Requirements and Capabilities. (AFED)
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Saudi Firms Export Advanced Military Parts Abroad

The 2016 Armed Forces Exhibition for Diversity of Requirements and Capabilities. (AFED)
The 2016 Armed Forces Exhibition for Diversity of Requirements and Capabilities. (AFED)

General Department for Local Manufacturing Support General Director Engineer Atiyah al-Maleki affirmed that military factories in Saudi Arabia are manufacturing high-quality advanced military parts and units, which are being exported abroad.

He added that there is an aim to develop current military factories in the kingdom, lauding some firms on their commitment to produce and develop military parts ordered by beneficiaries.

“Project contracts related to military industries impose a 50 percent nationalization ratio. Factories are also obligated to manufacture the items locally, instead of importing them, once the capabilities are acquired,” Maleki told Asharq Al-Awsat.

With the launch of Decisive Storm and Restoring Hope military operations, an emergency team was formed to manufacture the military parts that are needed for these missions, he explained.

The private sector has been eager to present its capabilities in this field in order to market its products and strike partnerships with beneficiaries, he revealed.

In a related matter, the Saudi Ministry of Defense will organize the 2018 Armed Forces Exhibition for Diversity of Requirements and Capabilities at the Riyadh International Convention and Exhibition Center from February 25 to March 3.

Through the exhibition, the ministry aims to support the nationalization of the spare parts industries, inform the private sector about the armed forces requirements, establish communication channels to coordinate among beneficiaries, armed forces, factories, local and international companies and research parties and form a long-term strategic relation with the private sector.

Through this event, which is considered the greatest of its kind in the Middle East, the Ministry of Defense will have the opportunity to showcase its capabilities in the manufacturing of parts and units needed by the armed forces.



IMF Grants Egypt Initial Approval of $1.2 Bln Fourth Review

Santa Claus toys are displayed in a shop with Christmas decorations in Cairo, Egypt, December 23, 2024. (Reuters)
Santa Claus toys are displayed in a shop with Christmas decorations in Cairo, Egypt, December 23, 2024. (Reuters)
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IMF Grants Egypt Initial Approval of $1.2 Bln Fourth Review

Santa Claus toys are displayed in a shop with Christmas decorations in Cairo, Egypt, December 23, 2024. (Reuters)
Santa Claus toys are displayed in a shop with Christmas decorations in Cairo, Egypt, December 23, 2024. (Reuters)

The International Monetary Fund said on Wednesday it reached a staff-level agreement with Egypt on the fourth review under its Extended Fund Facility arrangement, potentially unlocking a $1.2 billion disbursement under the program.

Egypt, grappling with high inflation and shortages of foreign currency, agreed to the $8 billion, 46-month facility in March. A sharp decline in Suez Canal revenue caused by regional tensions over the last year compounded its economic woes.

The IMF said Egypt's government had agreed to increase its tax-to-revenue ratio by 2% of gross domestic product over the next two years, with a focus on eliminating exemptions rather than increasing taxes.

This would give it space to increase social spending to help vulnerable groups, the IMF said in a statement.

"While the authorities' plans to streamline and simplify the tax system are commendable, further reforms will be needed to enhance domestic revenue mobilization efforts," the statement said.

Egypt had agreed to make more decisive efforts to ensure the private sector became the main engine of growth and to sustain its commitment to a flexible exchange rate, the IMF statement added.

The staff-level agreement of the fourth review must still be approved by the IMF's executive board.