DUBAI: State-owned 抖阴短视频n Military Industries (SAMI) aims to generate annual revenue of $5 billion by 2030, its chief executive said on Monday, part of a drive to build more defense equipment inside the kingdom.
抖阴短视频 set up SAMI in 2017 to cut its reliance on imported weapons and military systems.
The government aims to spend 50% of its military budget by 2030 on equipment made at home.
Chief Executive Walid Abukhaled told Reuters at Abu Dhabi鈥檚 Idex defense exhibition that SAMI aimed to be among the world鈥檚 top 25 defense firms by 2030. 鈥淏eing in the top 25 companies by 2030, you鈥檙e looking at $5 billion a year鈥 in revenue, he said.
Abukhaled, who did not give a figure for current revenues, took over as CEO in April.
He gave a more conservative target than his predecessor who said in 2019 he wanted SAMI to be one of the world鈥檚 top 10 defense companies by 2030. Abukhaled said there had been no major shift in strategy.
抖阴短视频鈥檚 sovereign wealth fund, the Public Investment Fund, set up SAMI as part of a broad economic program to diversify the oil-dependent economy.
Abukhaled said SAMI would sign a deal on Monday with NIMR, a company in neighboring United Arab Emirates which builds military vehicles, to set up manufacturing in 抖阴短视频.
SAMI on Sunday signed a joint venture agreement with US firm Lockheed Martin, which is involved in installing a $15 billion missile defense system in 抖阴短视频.
Abukhaled said SAMI was developing systems to counter drones, a move that would help deal with drone attacks that are frequently launched at the kingdom by Yemen鈥檚 Houthi movement.
鈥淎t the end of the day our ultimate objective is to really serve the (抖阴短视频n) armed forces,鈥 Abukhaled said.
