Saudi defense ministry inks 500 deals with local firms

Saudi Arabia’s defense ministry has signed at least 500 contracts with local companies for the supply of military equipment as part of a drive to nationalize the industry and reduce reliance on foreign companies, the kingdom-based Okaz newspaper reported, citing assistant defense minister general Mohammed Al-Ayesh.

Al-Ayesh said Saudi Arabia is aiming to produce at least 10 percent of its required military equipment locally, as it scales back on imports and cuts costs.

The deals were made during the Armed Forces Exhibition for Diversification (AFED) conference currently taking place in Riyadh.

The event, which is being held for the first time in the kingdom, aims to facilitate cooperation between the private and public sectors in the manufacturing of military equipment.