Sipchem subsidiary eyes 5% share of local military industry by 2030

Saudi International Petrochemical Co.’s (Sipchem) subsidiary, Saudi Specialized Products Co. (Wahaj), expects a market share between 4 and 5 percent of local military manufacturing by 2030, Sipchem CEO Ahmad Al Ohali told Al-Arabiya TV on Sunday.

Local military industries are still in their infancy, when compared to the Kingdom’s ambitions under the Saudi Vision 2030, he said.

Wahaj is projected to provide 1,200 direct jobs in the local military industries sector, and about three times as many indirect job opportunities.

The company will start with manufacturing basic equipment and shift gradually to more sophisticated devices, Al-Ohali added on the sidelines of an event to support local military manufacturing.

Last October, Riyadh-based Wahaj completed manufacturing 18 Hawk jet platforms for the first time in Saudi Arabia, Argaam earlier reported.

The company is 75 percent-owned by Sipchem. South Korea’s Hanwha Chemical owns the remaining 25 percent.