RIYADH — The Ministry of Investment of Saudi Arabia (MISA) has signed 12 Memoranda of Understanding with a range of defense industry leaders at the inaugural World Defense Show Monday.

The Memoranda of Understanding will see global industry leaders collaborating with the Ministry to promote areas related to investing in the Saudi defense sector, building in-Kingdom capabilities, and including Saudi Arabia in the defense industry’s global value chain.

The signings were attended by Khalid Al Falih, Minister for Investment and Ahmed Al-Ohali, Governor of the General Authority of Military Industries (GAMI) and follow close engagement between GAMI and the companies involved.

Among the signatories were L3Harris Technologies, the global aerospace and defense technology innovator, and Hanwha, the video surveillance company.

During the signing ceremony, MISA and Raytheon Saudi Arabia jointly announced a global supply chain initiative that will seek to identify key components of Raytheon’s Patriot air and missile defense system for manufacture in Saudi Arabia.

Reflecting on the event, Abdulrahman AlMazyad, managing director of defense sector at the Ministry of Investment, said: “The range of agreements signed Monday illustrates the confidence that our partners have in the Kingdom as a promising defense investment destination for global OEMs as well as SMEs around the world.

“Saudi Arabia has made significant strides in providing the necessary support to drive localization efforts in the defense sector, whilst implementing appropriate regulations and empowering investors throughout the local supply chain. Both local and international investors are realizing the enormous opportunities that the Kingdom’s military sector offers.”

Saudi Arabia’s defense sector has witnessed a series of major business climate reforms in recent years, including the establishment of GAMI as the regulatory body, easy online licensing process, and allowing 100% foreign ownership of investments in the sector.

The Kingdom’s localization goal will result in significant investment opportunities for both local and international investors — including global original equipment manufacturers and SMEs, which will create a supporting supply chain ecosystem around the larger companies that are expanding their activities in the Kingdom.

During the exhibition, Invest Saudi hosted a pavilion to showcase the Kingdom’s investment ecosystem and increase awareness of the game-changing opportunities available. The Ministry also participated in two workshops over the four-day event.

Founded by GAMI, the World Defense Show is a fully integrated and future focused defense event set to showcase the latest technological developments from around the globe and demonstrate defense interoperability across all domains. — SPA