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RIYADH: The number of licensed companies in Saudi Arabia’s military sector rose sharply in the first half of the year according to new data from the General Authority for Military Industries (GAMI).
It reported a 41 percent increase in licensed companies to reach a total of 99 — 85 percent of them local companies. More than half (55 percent) were granted to operating companies while military services providers accounted for 24 percent and product suppliers accounting for the rest.
Saudi Arabia is investing heavily in its defense industries to add higher value jobs and reduce reliance on imported military hardware.
Riyadh will next March host the World Defense Exhibition which GAMI hopes will showcase the Kingdom’s burgeoning defense sector.
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