Miscellaneous

Two Saudi defence industry firms handed local regulatory licenses

RIYADH, Saudi Arabian Military Industries and Advanced Electronics Co were handed Saudi Arabia’s first two licenses for military manufacturing by state defence industry regulator, General Authority for Military Industries (GAMI) on Monday.

SAMI aims to provide world-class military products, while AEC, a technology solutions provider, targets modern electronics, manufacturing capabilities and repair and maintenance services across defense, energy, ICT, and security services.

Both state-owned companies form part of Saudi Arabia’s ambitious Vision 2030 programme, which aims to “grow local industry contribution 10-fold by 2030,” making the country more self-sufficient.

At a press conference, Andreas Schwer, CEO of SAMI, established in May 2017, said among the company’s goals is to be a major contributor to the localisation of more than 50 percent of military spending by 2030.

President and CEO of AEC, Abdulaziz Al-Duailej, said the move will “help open the door to domestic and foreign investors.”

Source: Kuwait News Agency

ANE