The Quarterly Investment Update issued by the Ministry of Investment revealed that the General Authority for Military Industries licensed 54 local and international companies at the end of the third quarter of 2020, while the number of these companies’ licenses reached 70 licenses that will enable them to engage in several different activities in the military industries sector.

The report opened with the speech of His Excellency the Governor of the Public Authority for Military Industries, Eng.Ahmed Al-Ohali, during which he revealed that the Kingdom today has become a promising international investment destination in the defense industries sector, stressing that the authority supports any local or international investor as long as he will be a partner of the authority in the process of resettlement, employment and technology transfer. The investment environment in the military industries sector at the present time has become an attractive and fertile environment for international investors.

The quarterly report indicated that the military industry licenses granted to companies during the third quarter of this year included 6 different activities in the sector that fall under the fields of military industrialization, the provision of military services, and the areas of supplying military products or services.

He also revealed the latest investment developments, the goal of the Military Industries Authority, which is to localize more than 50% of the Kingdom’s spending on military equipment and services by 2030, which will provide great investment opportunities for global original equipment manufacturers as well as small and medium companies.

The report indicated that the military industries sector will contribute about 666 million dollars of total exports, with an expected investment rate of about 10 billion dollars by the year 2030, indicating that the contribution of the military industries sector to the GDP will reach 4.5 billion dollars by the same year, which will be a source of enriching the national economy. , In addition to providing many job opportunities in the sector, which are estimated at 100 thousand direct and indirect job opportunities.