The Saudi Authority for Industrial Cities and Technology Zones (MODON) and the General Authority for Military Industries (GAMI) have announced the launch of strategic cooperation, aiming to encourage the localization of military industries in the Kingdom.
The cooperation supports the localization of 50 percent of the expenditure in military industries through Vision 2030, increasing its contribution to local products, and opening job opportunities for Saudis.
Through this cooperation, the two parties will seek to guide licensed investors toward targeted fields in Saudi industrial cities affiliated with MODON, who will provide incentives to investors, Saudi Press Agency reported.
The two parties will also work on providing industrial constellations for the targeted military sectors in the industrial cities as well as options for investors to support the establishment and empowerment of the project and ensuring its expansion, sustainability and development.
“This strategic cooperation will support the authority’s endeavor to empower local and international manufacturers, by providing the right investment environment to build the Kingdom’s industrial capability,” GAMI Governor Ahmed bin Abdul Aziz Al-Ohali said.
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