Saudi Gazette report

RIYADH – The Saudi Military Industries Company announced on Tuesday formation of its new board of directors.

An internationally acclaimed military industries expert Dr. Andreas Schwer will be the CEO of the company.

Ahmad Al-Khateeb, advisor at the General Secretariat of the Council of Ministers and advisor to minister of defense, is the chairman of the board.

The board members are: Prince Faisal Bin Farhan, Khaled Al-Falih, Dr. Ghassan Al-Sulaiman, Dr. Ghassan Al-Shibl, and Abdul Aziz Al-Suwailem.

Three international experts in military industries will join the company as its board members in due course, according to a statement of the company, carried by Saudi Press Agency.

Al-Khateeb said that the company will have a key role in the ongoing efforts to diversify national economy in line with the Kingdom’s Vision 2030.

The company aims to provide over 40,000 jobs by 2030 by localizing 50 percent of the total government military spending.

According to the statement, Schwer will be responsible for managing the company’s operations by focusing on achieving the Company’s interim goals as set out in the company’s business strategy approved by the board of directors.

He served as chairman and president of Rheinmetall International and CEO of its Combat Systems Division, which has 6,000 employees and revenues of $ 1.5 billion. Prior to joining Rheinmetall, he held a number of executive positions at the Airbus Group. Schwer is expected to assume charge at the end of this year.