LONDON: Abu Dhabi Crown Prince Sheikh Mohamed bin Zayed visited Saudi Arabia’s pavilion at the International Defense Exhibition (IDEX) on Tuesday, Saudi Press Agency (SPA) reported.
During his tour, supervised by the General Authority for Military Industries (GAMI), he was briefed on the latest products and equipment that the military sector has to offer in the Kingdom, as well as the most prominent military products offered by the major Saudi national institutions and companies specializing in the field of military and security industries.
During a visit to IDEX 2021 today, I was briefed on the latest national defence systems and technologies. I am very proud of the strength of the UAE defence industry and how it is progressing pic.twitter.com/wfredzYkzm
— محمد بن زايد (@MohamedBinZayed) February 22, 2021
The Saudi pavilion includes 12 local companies, and highlights the “Invest in Saudi Arabia” initiative, which is sponsored by the Ministry of Investment.
The Kingdom is set to host the Global Defense Exhibition in March 2022 in the capital Riyadh, which will be organized by the Public Authority for Military Industries.
“Through its participation in the exhibition, the Kingdom aims to support investors and facilitate their entry into the Saudi military and security industries market and introduce promising investment opportunities,” the statement on SPA said.
The military industries sector in the Kingdom is seeking to achieve the strategic goal of localizing military industries with more than 50% of spending on military equipment and services by 2030, the statement added.
The Saudi pavilion’s media center in Abu Dhabi said on Tuesday that there had been an increase in the number of companies operating in the military industries sector in the Kingdom.
A total of 70 local and international companies were operating in the Kingdom by the end of last year, with an estimated investment of SR 24 billion ($6.399 million), it said.
GAMI is the authority responsible for organizing, enabling and licensing military industries in the Kingdom, and it has been entrusted with the task of developing a sustainable sector for defense and security industries that strengthens its strategic independence and the foundations of its national security, and supports its economic and social prosperity.