BUSINESS,ECONOMY,SAUDI ARABIA,GCC,

Saudi Arabia concludes inaugural defence show with $7.9bn in deals

State-owned Sami also signed three financing agreements worth $1.86bn with local banks to fund future projects

State-owned Sami also signed three financing agreements worth $1.86bn with local banks to fund future projects

Saudi Arabia concluded its inaugural World Defence Show, with deals worth 29.7 billion Saudi riyals ($7.9bn) signed as the kingdom continues to invest in its defence industry.

BUSINESS,ECONOMY,SAUDI ARABIA,GCC,

Launched by the kingdom’s General Authority for Military Industries, or Gami, the show focused on “defence interoperability”. It received 80 military delegations and 65,000 visitors from 85 countries, Gami said on Thursday.

L3Harris Technologies, an aerospace and defence technology company, and South Korean video surveillance company Hanwha were among the signatories, the ministry said.

Raytheon Saudi Arabia also said on Monday it will manufacture components for its Patriot air and missile defence system in Saudi Arabia.

Other companies that signed pacts with the ministry include Leonardo, LigNex 1, Norinco, the Naval Group, Expal Systems, Steel Core Designs, Al Hokair Group, Milkor, MacJee, CBC and Glock.

The ministry did not specify the value of the deals.

“The networking, knowledge-sharing and commercial relationships established through the World Defence Show platform will spur a new era of investment and growth for Saudi Arabia’s defence and security industry,” said Gami governor Ahmad Al-Ohali.

The show, which brought together 600 defence and security exhibitors from 42 countries, “reflects the kingdom’s position as a global driver of collaboration, innovation and business opportunities”, he said.

As the regulator, enabler and licensor of Saudi Arabia’s defence sector, Gami said it worked with partners to review contracts announced at the show, conducting a detailed evaluation of technical specifications to ensure spending efficiency and operational readiness.

Readmore:https://www.thenationalnews.com/business/economy/2022/03/10/saudi-arabia-concludes-inaugural-defence-show-with-79bn-in-deals/

Leave a Reply

Your email address will not be published.