Riyadh spent 5.1 billion riyals in incentives to local military industry in 2021/2022
File Photo: Saudi Arabia's Flag/ Reuters
Saudi Arabia has spent 5.1 billion riyals ($1.4 billion) in incentives to boost its local military industry over the last two years, the governor of the sector's General Authority said on Monday.
Ahmad Al-Ohali said the incentives included 3.3 billion riyals which was directed to research and development in the military industries in 2021 and 2022. The remaining 1.8 billion riyals was distributed to companies, including Saudi Arabian Military Industries (SAMI), Ohali said.
SAMI's chief executive officer Walid Abukhaled said the company will focus on unmanned systems, radars and cybersecurity in coming years.
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