London, Saudi Arabia’s key defense stakeholders are currently attending the Farnborough International Airshow 2022 (FIA 2022), which is underway in the United Kingdom, as Saudi Arabia seeks to showcase its burgeoning defense industry opportunities.
Under the national “Invest Saudi” banner, the General Authority for Military Industries (GAMI), Saudi Arabia’s defense industry regulator, enabler, and licensor, is leading the KSA Pavilion’s participation alongside key private sector representatives and government entities including the Ministry of Investment (MISA), Saudi Arabian Military Industries (SAMI), and the World Defense Show (WDS).
The KSA Pavilion was inaugurated today by GAMI Governor, Ahmad Al-Ohali. and a number of key officers and investors from the defense sector. Al-Ohali took the stage to elaborate on the Pavilion’s participating entities, and their enthusiasm to project the huge strides that the Kingdom’s defense sector is witnessing along this aspirational localization journey. GAMI Governor also spoke on the local capabilities that the sector enjoys, specifically mentioning GAMI’s efforts in nurturing and cultivating national cadres. Human capital continues to be a major focal enabler of the Kingdom’s ambitious localization journey, as evidenced by the launch of the Military Industries Human Capital (MIHC) strategy in Feb, and the subsequent announcement of the establishment of the National Academy of Military Industries shortly thereafter, said Al-Ohali.
The show, noted Al-Ohali to Saudi Press Agency, also presents a unique opportunity to build meaningful partnerships, pursuant to a sustainable knowledge exchange and transfer of technology. With the defense sector and matters of national security at the forefront of the Kingdom’s priorities, localizing this and other key sectors unlocks the potential of non-oil revenue streams in line with Vision 2030, and assures that the Kingdom will have a vibrant investment-friendly economy for years and decades to come. In fact, this contribution is core to GAMI’s mandate, and to the strategic rationale for its establishment.
GAMI’s overarching strategic goal is to achieve the localization of more than 50% of national expenditure on defense equipment and services by 2030, and the KSA Pavilion will be the focal point for investors and defense sector representatives seeking to gain a deeper understanding of one of the world’s most promising defense industries. Moreover, they will learn more about the localization initiatives that GAMI is unveiling, thereby presenting billions of dollars’ worth of investment opportunities across the supply chain.
Farnborough International Airshow is one of the largest shows of its kind along with the Paris Airshow and the Dubai Airshow. FIA 2022 kicked off today July 18 and will last for five days, drawing to conclusion on July 22. GAMI is leading the KSA Pavilion at the show, and looks to shine a spotlight on the defense sector’s attractive investment environment, its many incentives and countless business opportunities. Through activation of international collaboration and joint cooperation with international stakeholder groups including global industry OEMs, GAMI aspires to enable partnership building in the sector, for a budding defense sector and flourishing economy, with sizeable returns for all.
Source: Saudi Press Agency
