RIYADH: In a major move to boost Saudi Arabia’s defense sector, the Kingdom’s General Authority for Military Industries has unveiled a series of investment opportunities in the military industries sector.
GAMI’s strategic expansion includes an initial offering of 10 investment prospects with applications in both military and civilian domains.
The announcement was jointly made by GAMI and the Invest in Saudi Arabia initiative, in collaboration with the Kingdom’s Ministry of Investment, as reported by the Saudi Press Agency.
This latest initiative is a direct outcome of the Military Industries Enabler initiative, which was launched by the authority earlier this year.
It underscores Saudi Arabia’s commitment to enhancing its military capabilities, diversifying its economy, and providing attractive opportunities for investors.
The investment portfolio is designed to cater to various stakeholders in the defense sector, including manufacturers and service providers. It also extends an invitation to supporting industries that can enhance the nation’s strategic military readiness.
The investment opportunities in phase one cover several subsectors such as batteries, wires, cables as well as harnesses and fiber optics. Additionally, they encompass mechanical transmission components and aircraft propellers and components. Other areas of focus are pipes, tubes, and rigid tubing. Among these opportunities are also brakes, axles, tires, and track components, as well as electronic circuit components, pumps, electric motors, and valves.
Ahmed Al-Ohali, the governor of GAMI, expressed his gratitude for the collaborative effort and commended Minister of Investment Khalid Al-Falih.
He highlighted the crucial role played by the Ministry of Investment in facilitating access to sector opportunities for both local and international investors through the Invest in Saudi Arabia platform.
Speaking with Arab News earlier this year, Al-Ohali outlined GAMI’s strategic objectives.
“Our objective is to build a very robust, sustainable, defense industry with technologies in Saudi Arabia, satisfying the needs of the defense and security entities, satisfying our aspiration of human capital Saudization in this defense industry, and also satisfying our ambition into bringing huge investment to contribute to the gross domestic product by 2030,” Al-Ohali said in March.
This initiative aligns with Saudi Arabia's broader vision of becoming a hub for defense-related investments, reflecting the goals of Vision 2030.
