Saudi Arabia launches military industrial licensing program
Reuters
Published Sep 08, 2019 10:49AM ET
Saudi Arabia launches military industrial licensing program
DUBAI (Reuters) - Saudi Arabia said on Sunday it had begun accepting license applications for firms in the military industrial sector, a major target under plans to diversify the kingdom's economy away from oil exports.
The General Authority for Military Industries (GAMI) will license companies to manufacture firearms, ammunition, military explosives, military equipment, individual military equipment, and military electronics, state news agency SPA reported.
GAMI Governor Ahmed al-Ohali said the move would open the door for foreign and local investment in the sector.
Investment is needed to meet reforms announced by Crown Prince Mohammed bin Salman who wants Riyadh to produce or assemble half its defense equipment locally in order to create 40,000 jobs for Saudis by 2030.
Saudi Arabia is among the top five defense spenders in the world.
Get The News You Want
Written By: Reuters
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.