What's new

Saudi Arabia to Invest More Than $20 Billion in Its Military Industry Over Next Decade

dani191

SENIOR MEMBER
Jul 10, 2017
3,469
-9
1,196
Country
Israel
Location
Israel

Saudi Arabia to Invest More Than $20 Billion in Its Military Industry Over Next Decade



By Reuters
|
Feb. 20, 2021, at 2:34 a.m.
More
U.S. News & World Report
Saudi Arabia to Invest More Than $20 Billion in Its Military Industry Over Next Decade
More
Reuters

FILE PHOTO: Members of Saudi security forces take part in a military parade in preparation for the annual Haj pilgrimage in the holy city of Mecca, Saudi Arabia August 4, 2019. REUTERS/Umit BektasREUTERS
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.
Recommended Videos
Powered by AnyClip


Explainer: Who is Kremlin critic Alexei Navalny?














Ad: (15)




Explainer: Who is Kremlin critic Alexei Navalny?
NOW PLAYING


Microsoft joins GM, Cruise self-driving partnership


Uganda accuses U.S. envoy of trying to subvert election


Spectacular Northern Lights over frozen forest and river


Drone footage shows Swiss vineyards under snow

"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 defence 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)
Political Cartoons on World Leaders

View All 91 Images

Copyright 2021 Thomson Reuters.
Tags: United Arab Emirates, Middle East, Saudi Arabia
 

Users Who Are Viewing This Thread (Total: 1, Members: 0, Guests: 1)


Top Bottom