RIYADH — The General Authority for Military Industries (GAMI) signed here on Tuesday two memoranda of joint cooperation with the Ministry of Industry and Mineral Resources and the Royal Commission for Jubail and Yanbu (RCJY) to stimulate, enable and localize military industries in Saudi Arabia.

This comes through the implementation of comprehensive governance of supply chains in the military and civil industrial sectors, the pursuit of establishing military-industrial clusters; and supporting the Kingdom’s direction in achieving the goals of the Kingdom’s Vision 2030, by localizing 50 percent of military spending and making it an important tributary to economic and social development.

The signing ceremony was attended by the Minister of Industry and Mineral Resources, Chairman of the Board of Directors of the Royal Commission for Jubail and Yanbu Bandar bin Ibrahim Al-Khorayef, Chairman of the Royal Commission for Jubail and Yanbu Engineer Abdullah Bin Ibrahim Al-Saadan, Governor of the General Authority for Military Industries Eng. Ahmed bin Abdulaziz Al-Ohali and a number of officials.

It is worth mentioning that this strategic cooperation seeks to empower local and international manufacturers in this promising sector, by providing the appropriate investment environment to build industrial capabilities that target it, and to build a large supply chain that serves industrial sectors, both military and civil, as well as the Royal Commission for Jubail and Yanbu and what it will provide of Competitive investment incentives, which are among the best options for enabling and localizing this sector. — SG