The head of the kingdom’s Military Industry Regulatory Authority said on Saturday that Saudi Arabia will invest more than $ 20 billion in its domestic military industry over the next decade as part of strong plans to boost domestic military spending.
The Gulf state wants to develop and manufacture more weapons and military systems domestically, with the goal of spending 50% of the military budget domestically by 2030.
“The government has set a plan that we will invest more than 10 billion US dollars in the military industry in Saudi Arabia over the next decade and equal amounts in research and development,” the Governor of the General Authority for Military Industries (GAMI) said Ahmed bin Abdulaziz Al-Ohali at a defense conference in Abu Antelope.
He also said that the kingdom plans to increase spending on military research and development (R&D) from 0.2% to about 4% of spending on armaments by 2030.
