Oshkosh Defense Delivered 7,000 Military Vehicles in the Region

Saudi Arabia’s World Defense Show is witnessing wide international participation. (Asharq Al-Awsat)
Saudi Arabia’s World Defense Show is witnessing wide international participation. (Asharq Al-Awsat)
TT

Oshkosh Defense Delivered 7,000 Military Vehicles in the Region

Saudi Arabia’s World Defense Show is witnessing wide international participation. (Asharq Al-Awsat)
Saudi Arabia’s World Defense Show is witnessing wide international participation. (Asharq Al-Awsat)

John Lazar, vice president and general manager of international programs at US-based Oshkosh Defense, underlined the company’s commitment to localizing Saudi Arabia’s defense and security industries, noting that the Kingdom constituted an attractive investment environment for the transfer of technologies and industries in the sector.

In remarks to Asharq Al-Awsat, Lazar pointed to agreements concluded by Oshkosh Defense to implement a number of Saudi programs in accordance with Vision 2030, in terms of knowledge transfer and localization of industries.

“The Kingdom has hosted our regional office since 1991, and we are ready to cooperate with the Saudi government in providing its needs for the defense sector equipment industries, just as we do with the US government,” Lazar said, emphasizing that the defense industry presented attractive investment opportunities with high economic returns.

His comments came on the sidelines of the World Defense Show, which is being held in Riyadh from March 6 - 9.

Oshkosh Defense is looking to strengthen its partnerships in the region through its presence in the Kingdom, Lazar said, revealing that the past years have witnessed the delivery of more than 7,500 military vehicles in the region, including a large number of vehicles to customers in Saudi Arabia.

The company will display its 4-door Joint Light Tactical Vehicle (JLTV) at the exhibition, he said, highlighting Saudi Arabia’s position as an attractive market for global investments in the defense industries sector.

Moreover, Lazar noted that Oshkosh would also be participating in the World Defense Show’s Customer Experience Demonstration Program, which allows the company to provide demonstration rides in the JLTV to select military and security services.



New Saudi System to Sustain Insurance Funds, Enhance Job Market Efficiency

Part of the job fair at the Chamber of Commerce in the Eastern Province, Saudi Arabia (Asharq Al-Awsat)
Part of the job fair at the Chamber of Commerce in the Eastern Province, Saudi Arabia (Asharq Al-Awsat)
TT

New Saudi System to Sustain Insurance Funds, Enhance Job Market Efficiency

Part of the job fair at the Chamber of Commerce in the Eastern Province, Saudi Arabia (Asharq Al-Awsat)
Part of the job fair at the Chamber of Commerce in the Eastern Province, Saudi Arabia (Asharq Al-Awsat)

Saudi Arabia’s Cabinet, led by Crown Prince and Prime Minister Mohammed bin Salman, approved a new social insurance system for new workers during its session on Tuesday.
This move aims to boost labor market efficiency, ensure the sustainability of insurance funds, and support local talent stability. The Kingdom is gearing up for large-scale economic projects that require ongoing updates to meet national goals.
The government aims for a sustainable and fair retirement system, improving laws and regulations.
Minister of Economy and Planning Faisal Al-Ibrahim previously highlighted Saudi Arabia’s proactive approach to managing rising workforce rates and their retirement implications.
Minister of Human Resources and Social Development Ahmed Al-Rajhi affirmed that the Cabinet’s decision enhances retirement system efficiency and provides insurance protection for participants and their families, adapting to labor market changes.
Finance Minister Mohammed Al-Jadaan stressed the decision's goal to secure insurance coverage for participants while ensuring the sustainability of insurance funds and protecting beneficiaries' rights, thereby promoting economic and social stability.
Moreover, the Cabinet has decided to maintain current provisions of the civil retirement and social insurance systems for current participants, excluding those nearing retirement age and specific groups qualifying for pensions.
The General Organization for Social Insurance clarified that the new system applies only to newly employed civilians in both public and private sectors without prior contributions to either retirement or current social insurance systems.
Existing participants will continue under current rules, except for changes related to retirement age and qualifying periods for pensions for those with less than 20 years of contributions and under 50 lunar years old at the time of the amendments.
The retirement age for covered groups will gradually increase from 58 to 65 years, starting 4 months beyond the current retirement age, based on the participant's age when the amendments take effect.
The current retirement and insurance systems will remain unchanged for participants aged 50 and above or with 20 or more years of contributions at the time of the amendments.
For new labor market entrants, the new system facilitates job mobility between public and private sectors, with contribution rates gradually increasing by 0.5% annually over 4 years, starting from the second year.