F.P. Report
RIYADH: Saudi Arabia to invest in its military might, on Saturday the head of the Kingdom’s military industry regulator announced th-at 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.
Mentioning the military budget, the officials said that the Gulf state aims to develop and manufacture more weapons and military systems domestically, aiming to spend 50 percent of the military budget locally by 2030.
In addition to this, Governor of the General Authority for Military Industries (GAMI) Ahmed bin Abdulaziz al-Ohali told a defense conference in Abu Dhabi, saying that
“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.”
Regarding the armaments expenditure he added that the Kingdom plans to increase military research and development spending from 0.2 percent to around 4 percent of arm-aments expenditure by 2030.
