Riyadh: Last year, Saudi Arabia granted 342 licenses to manufacture products and weapons for the military sector. Officials also stated that licenses are being granted to foreign companies in the field of arms manufacturing. 192 companies have come up in the field of military industry till the end of 2022. The General Authority for Military Industries informed that a total of 342 licenses have been issued for them. The next five years will create more opportunities in this sector.
The authority has stated that it will attract investments of around 4300 crore Riyals. An attractive investment environment has been created for international investors to benefit from the country’s strong economy. As part of this, it will work closely with companies from the public and private sectors. The new efforts are part of Saudi Arabia’s drive to become self-sufficient in military arms manufacturing.
Saudi Arabia issued 342 licenses in the field of military weapons manufacturing