Ahmed Al-Ohali, governor of the General Authority for Military Industries
Saudi Arabia will invest more than $20 billion in military industry over the next 10 years as part of its plans to boost local military spending, Reuters reported, citing Ahmed Al-Ohali, governor of the General Authority for Military Industries (GAMI).
“The government has put a plan that we will be investing in excess of $10 billion in the military industry in Saudi Arabia over the next decade and equal amounts on research and development,” Al-Ohali told a defense conference in Abu Dhabi.
He noted that the Kingdom plans to increase its military research and development spending from 0.2% to nearly 4% of armaments expenditure by 2030.
According to data compiled by Agraam, Saudi Arabia aims to localize 50% of the military industry, as part of its Vision 2030.
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