https://arab.news/w2stb
- Kingdom鈥檚 defense industry aims to forge global partnerships at Zhuhai event
- Defense sector is projected to contribute $17 billion to the Saudi economy by 2030
RIYADH: Military products and the achievements of both government bodies and national companies are highlighted at the Saudi pavilion at this year鈥檚 China International Aviation and Aerospace Exhibition.
Airshow China 2024, one of the world鈥檚 largest aviation expos, started in Zhuhai on Tuesday and will run until Nov. 17.
The Saudi pavilion features military products, particularly in aviation, and turns the spotlight on national companies that work in military industries. It also underscores efforts to boost national manufacturing capabilities and the aim of localizing over 50 percent of government spending on military equipment and services by 2030.
Launching events at the pavilion was the governor of the General Authority for Military Industries, Ahmad Al-Ohali, who was joined by Chief of Staff Lt. Gen. Fayyad Al-Ruwaili and the Saudi ambassador to China, Abdulrahman Al-Harbi. Other officials, international investors and aviation and aerospace decision-makers were also present.
Al-Ohali said: 鈥淭his strategic participation, occurring for the first time in China, aims to enhance the Kingdom鈥檚 global presence in the military industries sector and to solidify its position as one of the fastest-growing economies among the G20 nations.
鈥淥ur participation also seeks to establish fruitful international partnerships to empower and develop the military industries sector, while also promoting the Kingdom鈥檚 message of welcoming investors from around the world. Additionally, it aims to highlight the key objectives of Saudi Vision 2030 within the military sector.鈥�
The defense sector is projected to contribute $17 billion to the Saudi economy by 2030, with a $9 billion addition to non-oil revenues. This will generate 100,000 direct and indirect jobs by the end of the decade.
The Saudi pavilion features government bodies such as the Ministry of Investment and the General Authority for Defense Development, as well as public national companies such as the National Company for Mechanical Systems, Saudi Wakeb Company for Artificial Intelligence and Autonomous Systems, Milestone Aviation, and Homat Al-Watan Co.
The General Authority for Military Industries works closely with partners and government bodies to empower national and international companies in the military industry, enhance the defense sector鈥檚 potential, and create investment opportunities.
It also focuses on localizing cutting-edge aerospace technologies to support Saudi economic growth and strengthen defense and security independence.