Saudi Arabia Launches National Platform to Push Investments in Local Military Industries

Saudi Arabia launched on Monday a number of enablers for local and international investors in the military sector. (Asharq Al-Awsat)
Saudi Arabia launched on Monday a number of enablers for local and international investors in the military sector. (Asharq Al-Awsat)
TT

Saudi Arabia Launches National Platform to Push Investments in Local Military Industries

Saudi Arabia launched on Monday a number of enablers for local and international investors in the military sector. (Asharq Al-Awsat)
Saudi Arabia launched on Monday a number of enablers for local and international investors in the military sector. (Asharq Al-Awsat)

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.



Euro 2024 Tourism to Bring 1$ Billion to Germany, Study Shows 

The words "Welcome to Berlin" can be read shortly before sunrise on a display in the fan zone (Platz der Republik) against the backdrop of the Reichstag and the TV tower in Berlin on Friday, June 14, 2024. (dpa/AP)
The words "Welcome to Berlin" can be read shortly before sunrise on a display in the fan zone (Platz der Republik) against the backdrop of the Reichstag and the TV tower in Berlin on Friday, June 14, 2024. (dpa/AP)
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Euro 2024 Tourism to Bring 1$ Billion to Germany, Study Shows 

The words "Welcome to Berlin" can be read shortly before sunrise on a display in the fan zone (Platz der Republik) against the backdrop of the Reichstag and the TV tower in Berlin on Friday, June 14, 2024. (dpa/AP)
The words "Welcome to Berlin" can be read shortly before sunrise on a display in the fan zone (Platz der Republik) against the backdrop of the Reichstag and the TV tower in Berlin on Friday, June 14, 2024. (dpa/AP)

Germany, the host of Euro 2024, can expect a 1 billion euro ($1.07 billion) boost to its economy thanks to foreign tourists traveling to the country for the soccer games, the ifo institute forecasts.

This corresponds to about 0.1% of economic output in the second quarter of the year, with Germany´s hospitality and food retail sectors set to benefit the most from the games, the country's top economic research institute said.

"However, the effect is only short-lived, so that exports of services due to returning tourists are likely to fall again after the end of the European Championship in the third quarter and remain the same on balance," ifo researcher Gerome Wolf said.

More than an additional 600,000 foreign tourists and 1.5 million additional overnight stays are expected during the Championship, according to the institute's calculations based on the numbers from the FIFA World Cup hosted by Germany in 2006.

The German Economy Ministry also expects a temporary upturn in consumer-facing sectors after very subdued retail sales this year, but not to the same extent as during the 2006 World Cup.

Experts agree that the overall effect of the Euro 2024 on Europe’s largest economy also depends on how the German national team performs in the tournament.

Their match against Scotland will kick off the tournament on Friday evening.