Saudi Arabia to Invest More Than $20 Billion in Its Military Industry Over Next Decade | World News

DUBAI (Reuters) – Saudi Arabia will make investments greater than $20 billion in its home navy business over the subsequent decade as a part of aggressive plans to enhance native navy spending, the top of the dominion’s navy business regulator stated on Saturday.

The Gulf state desires to develop and manufacture extra weapons and navy techniques domestically, aiming to spend 50% of the navy price range regionally by 2030.

“The federal government has put a plan that we are going to be investing in extra of $10 billion in the navy business in Saudi Arabia over the subsequent decade and equal quantities on analysis and improvement,” Governor of the Basic Authority for Military Industries (GAMI) Ahmed bin Abdulaziz Al-Ohali instructed a defence convention in Abu Dhabi.

He additionally stated the dominion plans to improve navy analysis and improvement (R&D) spending from 0.2% to round 4% of armaments expenditure by 2030.

(Writing by Alexander Cornwell; Enhancing by Kirsten Donovan)

Copyright 2021 Thomson Reuters.

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