Saudi Arabian Military Industries acquired more than $10 billion in business and deals last year, and has already secured a further $6 billion worth this year, according to company chairman Ahmed Al-Khateeb.

While addressing the World Defense Show in Riyadh on March 7, Al-Khateeb noted that Saudi Arabia is now among the top five spenders in military, defense and security globally. 

He said the Kingdom plans to spend more on military and defense in the coming years. 

Al-Khateeb, who is also the Kingdom’s minister for tourism, also said Saudi Arabia is aiming to localize the defense sector by 50 percent before the set date of 2030. 

He noted that the country currently stands at 20 percent of localizing defense, and he aims to touch the 50 percent mark within the next eight years. 

According to Al-Khateeb, Saudi Arabia has all the resources, facilities, and capital to achieve its missions in the defense sector, and all that is required to fulfill it is a proper plan. 

He added that the tourism ministry is doing its part by creating a platform for partners to come and share their latest technology to improve security and defense.

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