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French Companies Eye Investment Opportunities in Saudi Security, Defense

French Companies Eye Investment Opportunities in Saudi Security, Defense

Saturday, 3 December, 2022 - 07:15
Meeting with the French companies at the Federation of Saudi Chambers (SPA)

Federation of Saudi Chambers hosted a delegation of 18 French companies specialized in security and defense-related fields to discuss cooperation, partnership, and investment with the Saudi business sector.

The Head of the Saudi-French Business Council, Mohammed bin Laden, praised the partnership approach between the council and Business France, the national agency supporting the international development of the French economy.

Bin Laden called for boosting bilateral Saudi-French economic and trade relations, explaining that the Kingdom witnessed a significant transformation at all levels since the announcement of Vision 2030.

He indicated that Saudi Arabia now has become a land of investment opportunities, encouraging the French side to take advantage and participate in the ambitious vision projects.

For his part, the Deputy Governor of Military Acquisition at the General Authority for Military Industries (GAMI), Mohammed al-Athel, said that the authority aimed to localize 50 percent of the Kingdom's spending on military equipment and services.

The authority was established in 2017 and is mandated with empowering the defense industries sector, making it an essential tributary for the national economy, providing job opportunities for Saudi youth, and an engine for non-oil revenues.

The CEO of the Saudi Arabian Military Industries (SAMI), Walid Abukhaled, explained that the company succeeded in entering the list of the 100 largest companies specializing in defense industries.

Abukhaled expected the company to become among the top 25 companies by 2030 and it is concerned with developing, supporting, and enhancing military industries in the Kingdom.

It plays a significant role in supporting the localization of 50 percent of its military spending, among the most prominent goals of Vision 2030.

During the meeting, the head of the French delegation, Commercial Counselor at the French Embassy in Riyadh, Rachid Boulaouine, confirmed that the visit of the French trade mission to the Kingdom comes to discuss the participation of French companies' expertise in the projects and opportunities of Vision 2030, and the localization of industries in the military and defense industries sector.

The French delegation includes 18 French companies specialized in security and defense and looked forward to learning more about the security sector market in the Kingdom, the opportunities available there, and the possibility of forming partnerships with Saudi counterparts.

Meanwhile, the Saudi Minister of Municipal and Rural Affairs and Housing, Majid Al-Hogail, accompanied by a delegation, continues his tour in Japan, where he was briefed on smart cities, their industry, and the provision of technical solutions and creative ideas in this field.

Hogail met with a delegation from Toyota Motors Corporation to view offers in several specialized fields and studied what could be adopted to enhance mutual understanding between the two countries in all sectors and areas.

The Minister pointed to the technical and human capabilities of smart cities, innovation cities, and Japanese companies, stressing that it is vital to benefit from them by finding strategic partnerships that help improve the quality of services and launch with more significant acceleration.

The visit was part of the Minister's Asian tour, during which he met several ministers and prominent figures and witnessed the signing of several agreements.

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