Font Size

- Aa +

Mon 9 Sep 2019 01:39 PM

Font Size

- Aa +

Saudi Arabia begins accepting licences for military industry firms

Saudi Arabia hopes to produce 50% of its military needs domestically by 2030

Saudi Arabia begins accepting licences for military industry firms

Saudi Arabia has begun accepting licence applications for firms in the military industrial sector, according to the state-run Saudi Press Agency (SPA).

Military industry is among the most significant targets of Saudi Vision 2030, which seeks to transform the kingdom’s economy and diversify it away from petrochemicals.

According to the SPA, the General Authority for Military Industries (Gami) will license firms to produce items including firearms, explosives, ammunition, individual equipment and military electronics.

Gami’s governor, Ahmed Al-Ohali, said the decision will help facilitate local and foreign investment in the defence sector.

Previously, Crown Prince Mohammed bin Salman had announced that Saudi Arabia has the goal of producing half its defence requirements domestically, creating 40,000 jobs for Saudis by 2030.

Saudi Arabia is among the world’s top five defence spenders.

For all the latest industry news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.