In a move to push investments in the military industries, Saudi Arabia launched on Monday a number of enablers for local and international investors, allowing them to access the sector’s opportunities.
The launching came during a ceremony organized by the General Authority for Military Industries (GAMI), in the presence of the Minister of Investment, Engineer Khaled Al-Falih, Minister of Industry and Mineral Resources Bandar Al-Khorayef, Dr. Faleh Al-Sulaiman, Governor of the General Authority for Defense Development, and a number of CEOs of local companies operating in the sector.
The enablers aim to create an attractive and stimulating investment environment for local and international investors in the military industries sector, through the establishment of a national digital platform that achieves integration between all parties operating in the Saudi sector.
The platform will allow investors to access investment opportunities and promote governmental integration between the relevant authorities.
Saudi Arabia seeks to localize the military sector, through the development of military industries and technologies, developing national competencies, providing job opportunities for Saudi youth, and increasing the sector’s contribution to the national economy.
In a speech on the occasion, GAMI Governor Eng. Ahmed Al-Ohali said that GAMI has focused on enhancing and developing the military procurement mechanism as one of its primary roles since its inception, noting that by working with End Users to optimize the benefits from the Kingdom’s military spending through unifying purchasing power, the Kingdom would gain negotiating power, resulting in savings, localization opportunities, local industry development, and technology transfer.
He added that establishing the Military Industries Committee would significantly contribute to supporting the localization of strategic and national military industries and technologies while enhancing communication and knowledge sharing between GAMI and relevant entities.
The launching ceremony also saw the announcement of a number of memorandums of understanding aimed at supporting the sector’s directions and achieving its national goals by raising the level of participation of enterprises in developing the sector and supporting its localization process.