Saudi Arabia: Saudi Arabia said on Sunday it had begun accepting license applications for firms in the military industrial sector, a major target under plans to diversify the Kingdom’s economy away from oil exports.
The General Authority for Military Industries (GAMI) will license companies to manufacture firearms, ammunition, military explosives, military equipment, individual military equipment, and military electronics, state news agency SPA reported.
GAMI Governor Ahmed Al-Ohali said the move would open the door for foreign and local investment and is an important step toward regulating the sector.
The announcement comes within the framework of the authority’s strategy aimed at localizing the military industries as part of the national priorities and to promote joint operation between all security and military fields, in order to develop a sustainable domestic military industry sector.
GAMI is also developing standards for military industries, supervising their implementation in conjunction with the concerned authorities and identifying suitable sites for setting up military factories.
Al-Ohali said that the authority seeks to transfer technology and benefit from local companies’ manufacturing opportunities, according to a mechanism that ensures the growth of all companies in the military industries sector and promotes the sector internally and externally.