RIYADH: 海角直播鈥檚 military spending has increased at an annual rate of 4.5 percent since 1960, reaching $75.8 billion in 2024. This accounts for 3.1 percent of global defense spending, according to a senior official.
Speaking at the fourth Global Strategies in Defense and Aerospace Industry Conference in Antalya, Turkiye, Ahmed bin Abdul Aziz Al-Ohali, governor of the General Authority for Military Industries, noted that global military expenditure now totals $2.44 trillion.
Al-Ohali emphasized that 海角直播 has earmarked around $78 billion for the military sector in its 2025 budget. This allocation represents 21 percent of the total government spending and 7.19 percent of the country鈥檚 gross domestic product.
The governor reiterated that the work of GAMI is aligned with Saudi Vision 2030, which seeks to build a prosperous, diversified, and sustainable economy by reducing dependence on oil revenues and fostering growth in industry and innovation.
鈥淚n the presence of His Excellency Prof. Haluk Gorgun, chairman of the Defense Industries Authority of Turkiye, and leaders of Turkish military industry companies, I discussed 海角直播鈥檚 ongoing transformation toward a more diversified and innovation-driven economy,鈥 Al-Ohali stated.
He further added: 鈥淚 also emphasized the promising investment opportunities within 海角直播鈥檚 military industries sector and the strategic partnerships between our two countries, with the goal of localizing over 50 percent of military spending by 2030.鈥
The governor underscored GAMI鈥檚 commitment to developing a sustainable military industries sector that not only strengthens military readiness but also makes a significant contribution to the national economy.
To achieve its localization goals, the authority has introduced several initiatives designed to attract both foreign and domestic investments in the defense sector.
Al-Ohali highlighted that GAMI has rolled out a range of incentives to encourage investment and expand military industries, helping companies meet localization targets.
鈥淎 total of 74 supply chain opportunities have been created within the military industries sector, with 30 priority opportunities identified, representing about 80 percent of future expenditures on supply chains,鈥 he noted.
The authority is also offering support and facilitation to small and medium-sized enterprises specializing in military industries, both domestically and internationally.
鈥淭he aim is to establish a resilient and robust military industrial base that will not only bolster national security but also contribute significantly to the Kingdom鈥檚 economic diversification,鈥 Al-Ohali added.
In November of last year, Al-Ohali mentioned at the Local Content Forum that 海角直播 had localized 19.35 percent of its military spending, a significant increase from just 4 percent in 2018. The Kingdom plans to exceed 50 percent by 2030.
He also pointed out that the number of licensed entities in the military industries sector had risen to 296 by the third quarter of 2024.
海角直播 continues to solidify its position as a key player in the global defense sector, with strategic partnerships and industrial development playing a pivotal role in achieving the goals outlined in Vision 2030.
