Saudi Arabia to invest more than $20 billion in its military industry over next decade

Saudi Arabia to invest more than $20 billion in its military industry over next decade
Saudi Arabia to invest more than $20 billion in its military industry over next decade

You are now following the details of the Saudi Arabia to invest more than $20 billion in its military industry over next decade news and now we leave you with the details

Mohamed Nass - Cairo - DUBAI (Reuters) – Saudi Arabia will invest more than $20 billion in its domestic military industry over the next decade as part of aggressive plans to boost local military spending, the head of the kingdom’s military industry regulator said on Saturday.

The Gulf state wants to develop and manufacture more weapons and military systems domestically, aiming to spend 50% of the military budget locally by 2030.

“The government has put a plan that we will be investing in excess of $10 billion in the military industry in Saudi Arabia over the next decade and equal amounts on research and development,” Governor of the General Authority for Military Industries (GAMI) Ahmed bin Abdulaziz Al-Ohali told a defense conference in Abu Dhabi.

He also said the kingdom plans to increase military research and development (R&D) spending from 0.2% to around 4% of armaments expenditure by 2030.

Writing by Alexander Cornwell; Editing by Kirsten Donovan

Our Standards: The Thomson Reuters Trust Principles.

These were the details of the news Saudi Arabia to invest more than $20 billion in its military industry over next decade for this day. We hope that we have succeeded by giving you the full details and information. To follow all our news, you can subscribe to the alerts system or to one of our different systems to provide you with all that is new.

It is also worth noting that the original news has been published and is available at egypt independent and the editorial team at AlKhaleej Today has confirmed it and it has been modified, and it may have been completely transferred or quoted from it and you can read and follow this news from its main source.

NEXT 27 quarantine violators arrested in Madinah