The General Authority for Military Industries (GAMI) in Saudi Arabia signed 11 cooperation agreements and a joint memorandum of understanding with a number of international companies specialized in military and defense industries. The signings took place on the sidelines of the first day of the World Defense Show 2024, which is being held in Riyadh from February 4 to 8.
The agreements covered a number of important areas that will enhance the development of specialized capabilities in the targeted fields, such as the transfer and localization of technology, the establishment of local production lines, and the training and qualification of national cadres in the sector.
These agreements and memoranda of understanding contribute to the achievement of the strategic objectives of the military industries in the country. Saudi Arabia seeks to localize the defense manufacturing system, raise military readiness, enhance industrial participation, and create a wide range of promising investment opportunities that will contribute to supporting the goals of Saudi Vision 2030, which aims to localize 50% of spending on military equipment and services by 2030. These agreements also aim to achieve the goals of the National Investment Strategy, which includes increasing the contribution of investments to the gross domestic product (GDP).