RIYADH: Defense Minister Prince Khalid bin Salman is the new chairman of Saudi Arabian Military Industries after a reshuffle of its board of directors, according to a statement.
The minister has replaced Ahmed Al-Khateeb in the key position in the defense and security company, which is entirely owned by the Kingdom’s sovereign wealth fund.
SAMI focuses on advancing and reinforcing Saudi Arabia's defense sector, and plays a crucial role in driving the localization of 50 percent of the Kingdom’s expenditures in this economic sphere – a pivotal objective of Saudi Vision 2030.
Minister of Industry and Mineral Resources Bandar bin Ibrahim Alkhorayef is also on the board, as is Chairman of the General Authority for Civil Aviation Abdulaziz bin Abdullah Al-Duailej, and Assistant Minister of Defense Talal bin Abdullah Al-Otaibi.
Membership also includes Khaled bin Hussain Al-Biyari, Yasser bin Abdullah Al-Salman, and Omar bin Hamad Al-Madi, as well as Abdulaziz bin Abdullah Al-Suqair.
Representing SAMI, CEO Walid bin Abdulmajeed Abu Khalid extended gratitude to the prior board of directors for their tenure, which played a pivotal role in positioning the company among the elite ranks of the top 100 specialized defense firms worldwide.
Established in 2017, the company operates across aviation, aerospace, land systems, maritime, and defense systems, in addition to advanced electronics.
The company is ranked 79th among the top 100 specialized defense firms globally, and is aiming to reach the top 25 by 2030.
Early this month, SAMI signed a memorandum of understanding with South Korean automobile manufacturer Kia Corp. at the World Defense Show 2024 in Riyadh with the aim to boost cooperation in the local production of military vehicles, thereby strengthening Saudi Arabia’s defense and security sector.
