Several Saudi companies specialized in military and defense industries and Turkish defense companies have signed an agreement and two memorandums of understanding (MoUs) to localize the drone industry and its component systems within the Kingdom. Sunday’s signing ceremony in Riyadh was under the patronage of Saudi Minister of Defense Prince Khalid bin Salman bin Abdulaziz.
Saudi Arabia has launched an award to encourage innovation in the military industries, support a promising national industrial stage, create innovative solutions to address the sector's challenges, increase spending efficiency, and improve the level of services and infrastructure. The General Authority for Military Industries (GAMI) launched the Innovation Award in the Military Industries to inspire and encourage innovators to present innovative solutions and address the technical challenges faced by the sector.
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The ceremony was attended by ministers, senior officials, and CEOs of local and international companies investing in the military and defense industries in the Kingdom.
Saudi Arabia’s military spending was set out during the second day of the World Defense Show, being held in Riyadh. The chairman of Saudi Arabian Military Industries, or SAMI, revealed in a speech to the event the firm acquired more than $10 billion in business and deals last year, and $6 billion this year so far. Over 590 global companies representing 42 countries are