Saudi Military Industries announces 22 agreements worth 8 billion riyals
On the sidelines of the International Defense Exhibition, the Saudi General Authority for Military Industries announced; For 22 industrial partnership agreements with a number of local and international companies specialized in the military and defense industries, with a total value of industrial participation amounting to about 8 billion Saudi riyals.
The agreements included a number of areas, such as direct localization of military systems and systems, building qualitative capabilities in the targeted industrial fields, such as building production lines, transferring and localizing technologies and services, in addition to training and qualifying national cadres and enabling them to work in the field of military and defense industries.
The General Authority for Military Industries had worked to restructure the military part of the Economic Offset Program to become an "Industrial Participation Program", which aims to invest and develop existing local capabilities in addition to building new capabilities in the targeted industrial fields. Local military industries in value-added sectors, providing a network for services and technical support for military industries, stimulating direct investment and strategic partnerships with international companies in the sector, transferring technologies and knowledge in industry, services, research and development, in addition to developing human cadres capable of working in specialized industries .
It is noteworthy that the World Defense Exhibition, which is organized by the General Authority for Military Industries in its first edition, witnesses the wide participation of major local, regional and international companies, and military and civil government agencies, in addition to a remarkable presence of leaders of the defense and security industries and elite military and political figures from around the world, considering The exhibition is a global event and one of the largest integrated defense and security exhibitions in the world, which focuses on the integration and joint operation of air, land and sea defense systems, satellites and information security, under one roof in an ideal environment for communication, innovation, stimulating partnerships, technology transfer, and developing local competencies, which will contribute to supporting the march of Achieving the sector’s goals in terms of localizing more than 50% of government spending on military equipment and services by 2030.