Riyadh, February 05, 2024, Minister of Investment, Eng. Khalid Bin Abdulaziz Al-Falih, and Governor of the General Authority for Military Industries (GAMI), Eng. Ahmad Abdulaziz Al-Ohali, presided over the signing ceremonies of 11 cooperation agreements and several joint memoranda of understanding with international companies specialized in military and defense industries. The signing events took place on the sidelines of the World Defense Show in Riyadh, held from February 4 to 8, 2024.
These agreements are strategically designed to enhance the capabilities of vital fields and encompass initiatives such as technology transfer and localization, establishment of local production lines, and the training and development of national talent in the military and defense sectors.
The collaborative efforts outlined in these agreements align with the Kingdom's military industries' strategic objectives. Key focus areas include the localization of defense manufacturing, improvement of military readiness, enhancement of industrial participation, and the creation of investment opportunities. This vision is in line with the goals set by Vision 2030, aiming to localize 50% of military equipment and services spending by the year 2030.
Additionally, these agreements are in harmony with the National Investment Strategy, seeking to increase the sector's contribution to the GDP.
Eng. Ahmad Abdulaziz Al-Ohali emphasized that the signing of these agreements underscores the commitment to developing and localizing the military industries sector. It also aims to boost competitiveness and instill global confidence in the products of the Kingdom's defense capabilities.
Al-Ohali highlighted the Industrial Participation Program launched by GAMI in collaboration with government agencies and manufacturers. The program is designed to stimulate the participation of small- and medium-sized companies, promote exports, facilitate technology transfer, build capabilities, conduct research, train talent, and establish global partnerships, contributing to the overall growth and sustainability of the military industries sector.