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Eased Procedures Encourage Private Sector Investment in Saudi Military Industries

Saudi Arabia's vision aims to localize at least 50% of the country's spending on military procurement by 2030 (Asharq Al-Awsat)
Saudi Arabia's vision aims to localize at least 50% of the country's spending on military procurement by 2030 (Asharq Al-Awsat)
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Eased Procedures Encourage Private Sector Investment in Saudi Military Industries

Saudi Arabia's vision aims to localize at least 50% of the country's spending on military procurement by 2030 (Asharq Al-Awsat)
Saudi Arabia's vision aims to localize at least 50% of the country's spending on military procurement by 2030 (Asharq Al-Awsat)

The Saudi government offers a host of comparative advantages for military sector investors. From easy procedures to visas and licenses, Saudi authorities are keen on facilitating investment flow into the Kingdom’s defense industry.

Saudi Arabia’s developed customs services and digital technologies are factors for attracting investment as well.

A recent Riyadh Chamber of Commerce report recommended establishing industry-specific specializations in schools and universities across the Kingdom.

It also stressed the need for building partnerships with developed countries.

Raising more awareness of Vision 2030 programs for the Saudi military industry, creating military industry clusters, and establishing research centers specialized in developing technologies were also among the Chamber’s suggestions.

Encouraging and attracting researchers and scientists to upgrade technology was also proposed in the report.

Saudi Arabia has implemented a long-term strategy for some essential military industries. Moreover, it facilitates license issuing via e-platforms.

Saudi companies and institutions have developed solutions to overcome difficulties facing their investment journey in the Kingdom’s military sector.

Integration and transfer of expertise between the private and military sectors are among those solutions.

The companies also proposed that the state provide more financial support and facilities and select the most efficient companies to invest in the military sector.

According to the presented solutions, the Kingdom must invest in scientific research, assign a single legislative body, facilitate the issuance of necessary licenses, and streamline procedures.

Establishing industrial cities for the defense sector was also recommended. Local and international knowledge and technology must be used to support those cities.

Training national cadres in military investment is also vital.

Abdullah Al-Khorayef, Chairman of the Industrial Committee at the Chamber, confirmed that the Kingdom’s military industries provide an array of promising opportunities for the private sector.

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Putin, Al-Sudani Discuss OPEC+ Coordination on Oil Price Stability

Russian President Vladimir Putin
Russian President Vladimir Putin
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Putin, Al-Sudani Discuss OPEC+ Coordination on Oil Price Stability

Russian President Vladimir Putin
Russian President Vladimir Putin

Russian President Vladimir Putin and Iraqi Prime Minister Mohammed Shia al-Sudani on Thursday discussed the importance of coordination between OPEC and OPEC+ members on oil price stability in a manner that guarantees fair prices for exporters and consumers.

Putin held a phone call with al-Sudani during which they discussed the OPEC+ oil agreement and the situation in the Middle East, the Kremlin said.

The telephone conversation came days prior to an OPEC+ key meeting expected early next month.

Reuters said that OPEC+ may push back output increases again when it meets on Dec. 1 due to weak global oil demand, according to three OPEC+ sources familiar with the discussions. Ministers last shelved the increase for a month when they met virtually on Nov. 3.

In a statement, the Kremlin on Thursday said Putin and Al-Sudani touched upon various aspects of coordination as part of OPEC+, a format that helps maintain stability in the global oil market, and reaffirmed the importance of continuing to coordinate steps in this format.

The Middle East issues were also mentioned in light of the unprecedented escalation of tensions in the region, it added.

The parties also agreed on further contacts at various levels, the statement said.

Later, Al-Sudani’s office said the phone call touched on energy-related matters, highlighting the importance of coordination among all concerned countries within OPEC and the OPEC+ group to stabilize oil and gas prices, ensuring fair pricing for both producers and consumers.