The Ministry of Investment of Saudi Arabia (MISA) has signed 12 Memoranda of Understanding (MoUs) with a range of defense industry leaders at the inaugural World Defense Show which is being held in Riyadh.
The MoUs will see global industry leaders collaborating with the ministry to promote fields related to investing in the Saudi defense sector, building in-Kingdom capabilities, and including Saudi Arabia in the global value chain of the defense industry.
The agreements were signed by Mr. Khalid Al Falih, Minister for Investment, and Mr. Ahmed Al-Ohali, Governor of the General Authority of Military Industries (GAMI). Among the signatories were L3Harris Technologies, the US-based global aerospace and defense technology innovator, and Hanwha, the South Korean video surveillance company.
During the signing ceremony, MISA and Raytheon Saudi Arabia also unveiled a global supply chain initiative that will see key components of Raytheon’s Patriot air and missile defense system manufactured in Saudi Arabia.
Mr. Abdulrahman AlMazyad, Managing Director of Defense Sector at MISA, said that “The range of agreements signed today illustrates the confidence that our partners have in the Kingdom as a promising defense investment destination for global OEMs as well as SMEs around the world. Saudi Arabia has made significant strides in providing the necessary support to drive localization efforts in the defense sector, whilst implementing appropriate regulations and empowering investors throughout the local supply chain. Both local and international investors are realizing the enormous opportunities that the Kingdom’s military sector offers.”
In recent years, Saudi Arabia’s defense sector has witnessed a series of key business climate reforms, including the establishment of GAMI as the regulatory body, an easy online licensing process, and allowing 100 percent foreign ownership of investments in the sector.
Founded by GAMI, the World Defense Show is a fully integrated and future- focused defense event set to showcase the latest technological developments from around the globe and demonstrate defense interoperability across all domains.
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