Saudi Arabia wants to invest about $20 bln in its domestic military industry

The head of the Kingdom’s military industry regulator stated on Saturday that Saudi Arabia would provide an investment of more than $20 billion in its domestic military industry during the next decade as part of strong plans to reinforce local military spending.

Indeed, the Gulf state has the intention to develop and manufacture more weapons and military systems domestically, with the aim to spend 50 percent of the military budget locally by 2030.

Moreover, Governor of the General Authority for Military Industries (GAMI) Ahmed bin Abdulaziz al-Ohali said in a defense conference in Abu Dhabi: The government has put a plan that we will be investing in excess of $10 billion in the military industry in Saudi Arabia over the next decade and equal amounts on research and development.

He also added that the Kingdom has strategies to raise military research and development (R&D) spending from 0.2 percent to around 4 percent of armaments spending by 2030.