Saturday, 03 June 2023 08:34 GMT

New platform boosts investments in Saudi Arabia's defense industry


(MENAFN) The General Authority for Military Industries (GAMI) in Saudi Arabia has recently launched a new platform called the Military Industries Enabler initiative. The initiative is aimed at providing both local and international investors with a comprehensive overview of the Kingdom's defense industry, including policies, procedures, demands, and incentives. The Governor of GAMI, Ahmed Al-Ohali, emphasized that the objective of the initiative is to develop a sustainable and robust defense industry in the country, utilizing local technologies and satisfying the needs of defense and security entities. Furthermore, the initiative aims to address the Saudization of human capital in the defense industry and bring in significant investments to contribute to the Kingdom's gross domestic product (GDP) by 2030.

The launch of the Military Industries Enabler initiative marks a crucial step for Saudi Arabia in creating an attractive investment environment for entities within the defense industry, whether domestic or foreign. The initiative aims to enhance the investment process by integrating with relevant sectors, providing inclusive services and targeting organizations within the defense industry, as well as individuals and governmental institutions.

Overall, the Military Industries Enabler initiative is a significant move towards achieving Saudi Arabia's Vision 2030 goals, particularly in developing a thriving defense industry and attracting foreign investments. The platform's comprehensive approach towards providing investors with a background of the sector in the Kingdom is expected to help bolster the country's defense industry and contribute to the nation's economic growth.

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