Investment Ministry, GAMI ink 11 new deals with private sectors

05/02/2024 Argaam
Logos ofThe Ministry of Investment and the General Authority for Military Industries (GAMI)

Logos of The Ministry of Investment and the General Authority for Military Industries (GAMI) 

The Ministry of Investment and the General Authority for Military Industries (GAMI) signed 11 new partnerships with the private sector.

 

The partnerships are geared towards boosting investments and fostering technology transfer and development within the defense and military industries sectors, the ministry said in a post on messaging platform X.

 

The agreements encompass critical areas crucial for developing qualitative capabilities in targeted fields, including transferring and localizing technology, establishing local production lines, as well as training and qualifying national cadres in the sector.

 

The goals include the localization of the defense manufacturing system, the enhancement of military readiness, the promotion of industrial participation, and the creation of a diverse range of promising investment opportunities.

 

These endeavors align with the goals of Saudi Vision 2030, specifically the target to localize 50% of spending on military equipment and services. Additionally, they support the objectives of the National Investment Strategy, aiming to increase the contribution of investments to the gross domestic product (GDP).

 

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