Investment Ministry, GAMI Sign Cooperation Agreements, MoUs at World Defense Show

Minister of Investment Eng. Khalid Bin Abdulaziz Al-Falih and Governor of the General Authority for Military Industries (GAMI) Eng. Ahmad Abdulaziz Al-Ohali witnessed the signing ceremonies of 11 cooperation agreements and several joint memoranda of understanding with various international companies specialized in military and defense industries on the sidelines of the World Defense Show, which is being held in Riyadh from February 4 to 8, 2024. The agreements focus on building the capacity of vital fields. They entail, among others, transfer and localization of technology, establishment of local production lines, and training and developing national talent in these fields. These agreements and MoUs contribute to the strategic objectives of the Kingdom's military industries, such as localizing defense manufacturing, improving military readiness, enhancing industrial participation, and creating investment opportunities that support the Vision 2030 goal of localizing 50% of military equipment and services spending by 2030. The agreements also align with the National Investment Strategy's objective of increasing the sector’s contribution to the GDP. Al-Ohali stressed that signing these agreements is proof of their commitment to developing and localizing the military industries sector, and boosting competitiveness and global confidence in its products. He added that GAMI, in collaboration with government agencies and manufacturers, launched the Industrial Participation Program to stimulate small- and medium-size companies' participation, promote exports, transfer technology, build capabilities, conduct research, train talent, and establish global partnerships.