SAMI eyes acquisitions locally, overseas 'soon': CEO

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Walid Abukhaled, CEO of the Saudi Arabian Military Industries (SAMI), revealed that the company plans to acquire companies inside and outside the Kingdom soon, with the aim of supporting the localization of military industries. 

Speaking to Argaam on the sidelines of the Future Aviation Forum 2022 held in Riyadh, Abukhaled added that the company is working on developing key strategic systems that are wholly owned by the Kingdom. 

He stressed that the main goal of establishing the company is to achieve the goals of Vision 2030 and to localize 50% of military spending by 2030.  

Since its establishment, SAMI has worked on partnerships with about 13 international companies such as Boeing and Lockheed Martin, as well as companies from Europe, US and South Korea, some of which are located in the Kingdom, Abukhaled said. 

Further, he indicated that there is a distinct environment in the Kingdom to support the localization of military industries, noting that SAMI is the strategic national partner for the localization of military industries.  

The CEO also pointed out that the Saudization rate in the company reached 85%, out of its 2,500 employees. 

As for exporting outside the Kingdom, the company has a clear strategy that is currently focused on the Saudi market, which is one of the most attractive and best markets in the world. Accordingly, it attracts most international companies.  

“However, if there is an opportunity to export with the same local revenue, there will be no objection,” the top official concluded.