The Saudi Ministry of Investment signed 12 memoranda of understandings (MoUs) in the aerospace and defense sectors during the World Defense Show.
The four-day event, organized by the General Authority for Military Industries, was launched in Riyadh on Sunday.
The partnerships aim to advance manufacturing and systems development, promote technology transfer, localize capabilities of the firms, build local expertise in the aerospace and defense sectors, and boost investment in the sector.
Discussions tackled the potential relocation of the firms’ regional headquarters to the Kingdom.
Monday’s sessions focused on the latest military applications in space and the opportunities and challenges associated with it, being the new interface of the world’s defense and security.
One of the sessions reviewed a program to introduce the Kingdom’s strategic objectives in the sector, showcasing its defense capabilities and providing insights into the country's aspirations, investment requirements, and industry goals.
Cybersecurity experts from across the world spoke about the constantly-changing cyber risks.
Abdullah al-Khathlan, Acting General Manager of Strategy and Development at the National Cybersecurity Authority, said that the acceleration of development in technology comes in line with various threats that require an integrated cybersecurity strategy to address them.
Cyber Security Consultant Adel al-Grain, for his part, said that most of the cyber attacks succeed due to the weakness in applying the basic controls.
The National Cyber Security Authority issued these controls in 2018, Grain noted, calling for focusing on reforming the basics as the first step to repel these threats.
Salem Mutabaqani, cybersecurity solutions engineer at the Advanced Electronics Company, underlined the need to assess and improve the links in processes and procedures, pending the Kingdom's efforts to enhance the local system.
Meanwhile, Saudi Mining and Industry Minister, Bandar al-Khorayef, said the Kingdom attracted 81 billion riyal ($21.6 billion) of investments in the industrial sector in 2021 for both the private sector and joint ventures with government entities.
“This industrial sector in general is really growing. I mean, we have seen 2021... We achieved more than 81 billion riyal of new investments coming during the year,” he told Reuters.
A series of joint ventures between Saudi firms and top global aerospace and defense manufacturers have been announced in recent years as part of that strategy to localize some industrial capabilities.
