Saudi Arabian Military Industries (SAMI) plans to produce a Saudi-made drone, state television al-Ekhbariya quoted Chief Executive Walid Abukhaled as saying on Sunday.
Abukhaled also said that more than 50 percent of military spending will be localized by 2030, adding that the company is working on establishing “the world’s largest munitions factory” and localizing defense industries.
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Established in 2017, SAMI, a wholly-owned subsidiary of the Kingdom’s Public Investment Fund (PIF) and the National Champion of Military Industries Localization, is one of the strategic partners at the World Defense Show (WDS) which kicked off in Riyadh earlier on Sunday.
In a statement published Saturday, SAMI said it aims to speed up its “transformation to become one of the top 25 defense and security companies in the world by 2030.”
“Apart from showcasing its innovative and comprehensive defense products and systems, SAMI aims to expand its partnerships with globally renowned OEMs, establish new joint ventures and subsidiaries, create more employment opportunities, and boost its exports through its participation in WDS 2022,” it added.
Saudi Arabia’s first World Defense Show opened to the public on Sunday morning.
The show features nearly 600 exhibitors from more than 40 countries, and organizers predict that 30,000 people will attend.
The exhibition, which is due to be held every two years, is organized by the Kingdom’s General Authority for Military Industries (GAMI).
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