GAMI governor says localizing military industry sector to support national economy

Governor of GAMI Ahmed Al-Ohali

The General Authority for Military Industries (GAMI) set regulatory framework for investment in the military industry sector, where rules do not include any restrictions for foreign investors as long they will partner with the authority in localizing the related technologies, Ahmed Al-Ohali, GAMI's governor, said in a statement.

He added that the investment in the military industry sector has become attractive for international investors.

Al-Ohali said Saudi Arabia is one of the most important countries as it has strategic dimensions at the global level in both economic and geographical terms, according to the Investment Updates Report for Q3 2020.

Considerations have increased regarding strengthening defense and security capabilities, in light of the world's major concerns about the development of the defense and security fields, the governor said.

He added that the authority is working on localizing the military industry sector to support the national economy, especially as the sector receive unlimited supported from the government.

The governor called upon domestic and international investors to participate in the sector's localization, and benefit from the Kingdom's strong economy and strategic location.

"This makes the Kingdom an ideal destination for investment in the military industry and the other sectors," Al-Ohali said.

He added that the authority pays close attention to the participation of small and medium-sized enterprises, indicating that GAMI's industrial participation program aims to support such companies and motivate them to increase their production.

The sector receives direct support from Crown Prince Mohammed bin Salman, who is also the Deputy Prime Minister and Minister of Defense, to achieve the Kingdom's goal of localizing the sector, and this is reflected in his plan to launch the World Defense Show 2022, Al-Ohali said.