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SAMI Appoints Walid Abukhaled as Acting CEO

Eng. Walid Abukhaled
Eng. Walid Abukhaled
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SAMI Appoints Walid Abukhaled as Acting CEO

Eng. Walid Abukhaled
Eng. Walid Abukhaled

The Board of Directors of Saudi Arabian Military Industries (SAMI) announced the appointment of Eng. Walid Abukhaled as acting CEO to oversee the company’s operations.

Abukhaled will be taking over from Dr. Andreas Schwer who has served as the company’s chief executive since January 1, 2018.

On its website, SAMI announced that the decision was made after the assessment of SAMI’s achievements since its inception, which included leveraging the international military industries’ experiences in the transfer of technology and best practices as well as the company's growth to its current position.

The move also comes in line with the company’s overarching aim of localizing these experiences with a deeper understanding of the needs of internal and external customers and achieving the Saudization of leadership positions, SAMI added.

Further, the Board of Directors expressed its gratitude and appreciation to Dr. Schwer for his active role in the establishment of the company during the past nearly two and a half years, and for his contributions and expertise that have enabled SAMI to accomplish many remarkable milestones, wishing him every success in his future career.

The decision to name Abukhaled, SAMI’s Chief Strategy and Business Development Officer, as acting CEO until further notice, comes in recognition of his in-depth knowledge and almost three decades of distinguished career in the military industries.

Abukhaled gained his extensive experience by serving several prominent positions, including CEO for the Middle East at Northrop Grumman, Deputy Minister of Industrial Affairs at the Saudi Ministry of Commerce and Industry, President and CEO of General Electric in Saudi Arabia and Bahrain, and Chairman of the Operations Board and Director of Strategic Investments Group at BAE Systems in the United Kingdom and Saudi Arabia, among others.

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IMF: Saudi Arabia Has Created a Favorable Environment for Growth

The World Economic Forum in Davos hosted a session titled “Economic Transformations in Saudi Arabia”, in the presence of key Saudi officials. (Asharq Al-Awsat) 
The World Economic Forum in Davos hosted a session titled “Economic Transformations in Saudi Arabia”, in the presence of key Saudi officials. (Asharq Al-Awsat) 
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IMF: Saudi Arabia Has Created a Favorable Environment for Growth

The World Economic Forum in Davos hosted a session titled “Economic Transformations in Saudi Arabia”, in the presence of key Saudi officials. (Asharq Al-Awsat) 
The World Economic Forum in Davos hosted a session titled “Economic Transformations in Saudi Arabia”, in the presence of key Saudi officials. (Asharq Al-Awsat) 

The World Economic Forum in Davos hosted a session titled “Economic Transformations in Saudi Arabia,” focusing on the Kingdom’s remarkable economic progress. IMF Managing Director Kristalina Georgieva praised Saudi Arabia for establishing a “favorable environment for growth” while maintaining fiscal discipline.

The session featured key Saudi officials, including Finance Minister Mohammed Al-Jadaan, Minister of Economy and Planning Faisal Al-Ibrahim, Minister of Communications and Information Technology Abdullah Alswaha, and BlackRock CEO Larry Fink.

Georgieva commended the Kingdom’s readiness to make tough decisions, underpinned by its solid economic foundations.

Finance Minister Mohammed Al-Jadaan highlighted the nation’s collective commitment to Vision 2030.

“The entire country—from citizens to businesses and government—is united behind this clear and transparent vision,” he stated.

He further underscored the leadership’s determination to make bold, long-term decisions to achieve the vision’s objectives, saying: “I believe this approach will succeed in Saudi Arabia and could succeed anywhere if similar conditions are met.”

Al-Jadaan explained that Vision 2030 is designed to increase economic resilience and reduce dependency on oil price fluctuations.

He noted: “The shift is happening at an extraordinary pace.”

Addressing Saudi-US relations, Al-Jadaan said: “For over eight decades, Saudi Arabia has forged highly strategic economic and trade ties with the United States, regardless of political changes in Washington. This partnership benefits both sides, and as long as it remains mutually advantageous, it will continue to thrive.”

Minister of Economy and Planning Faisal Al-Ibrahim emphasized Saudi Arabia’s role as a global model for transformation and a key engine of growth. He pointed out that the Kingdom has successfully diversified its economy, with non-oil activities now making up 52% of real GDP—a milestone reflecting significant progress.

Al-Ibrahim projected strong growth for the non-oil sector: 3.9% in 2025, 4.8% in 2026, and 6.2% in 2027. He described Saudi Arabia’s economic strategy as a blueprint for other nations, grounded in institutional reform, investment in human capital, and decisive policymaking.

For his part, Minister of Communications and Information Technology Abdullah Alswaha addressed the global demand for computing power—estimated at 63 gigawatts—to support artificial intelligence (AI) applications. He stressed this is equivalent to the energy needs of countries like India or the US over five years.

The minister also highlighted Saudi Arabia’s leadership in renewable energy to meet this demand.

“We’ve built the world’s largest green hydrogen plant in NEOM, with a capacity of 4 gigawatts, in partnership with Air Products and ACWA Power. This positions Saudi Arabia as a global energy hub, fueling the digital and AI-driven economies,” he stated.

On women’s empowerment, Alswaha pointed to a transformative rise in female workforce participation, jumping from 7% to 35%. He described this progress as “the boldest and most successful story of women’s empowerment in the 21st century.”

BlackRock CEO Larry Fink also praised the region’s entrepreneurial growth, noting: “There are many reasons to be optimistic. Humanity is progressing, and overall conditions are improving.”

He highly valued the substantial investment potential in Saudi Arabia and the wider region.

“This is a region of tremendous growth. As conditions continue to improve, tourism will rise, and new opportunities will flourish,” Fink concluded.