Saudi Arabia launches national defense company

Deputy Crown Prince Mohammed bin Salman
Updated 18 May 2017

Saudi Arabia launches national defense company

RIYADH: The Saudi Arabian Public Investment Fund (PIF) announced Wednesday the creation of a new national military industries company.
Saudi Arabian Military Industries (SAMI) will manufacture products and provide services across four business units: Air Systems, which includes maintenance and repair of fixed-wing aircraft as well as manufacturing and repair of unmanned air vehicles; Land Systems, which includes manufacturing and repair of military vehicles; Weapons and Missiles,  including ammunition; and Defense Electronics, which includes radars and sensors as well as communication systems and electronic warfare.
Wholly government-owned, SAMI aims to become one of the world’s top 25 defense companies by 2030. It will directly contribute around SR14 billion to the Kingdom’s GDP in 2030, invest over SR6 billion in research and development by 2030, and create over 40,000 jobs, many of which will be in the engineering and technical fields.
By partnering with universities, SAMI will provide students with apprenticeships and careers in cutting edge technologies, which were previously unavailable in the Kingdom.
In line with Vision 2030, SAMI will contribute to diversifying the Saudi economy for the 21st century by reducing dependence on oil, while protecting and strengthening national security.
 “While the Kingdom is one of the world’s top five spenders on security and defense overall, only around 2 percent of our military procurement is domestic,” said Deputy Crown Prince Mohammed bin Salman, who also serves as minister of defense.

The deputy crown prince emphasized that SAMI will be a major contributor in achieving the goals set out in Vision 2030, which states that 50 percent of Saudi Arabia’s military procurement spending will be localized.
SAMI’s four business units complement the Kingdom’s future military requirements and build on existing local capabilities. SAMI will establish companies through joint ventures with global original equipment manufacturers (OEMs), as well as cooperating with local military companies. It will consider creating new business units, to ensure the company is aligned with the latest developments in the military industries sector.
The Saudi Arabian Public Investment Fund has a diverse portfolio made up of approximately 200 investments, of which around 20 are listed on the Tadawul, the Saudi Stock Exchange. As well as its listed holdings, PIF also has unlisted equity investments, international investments, real estate holdings, and loans, bonds and sukuks.
Since oversight of the PIF was transferred from the Ministry of Finance to the Council of Economic and Development Affairs (CEDA), the Fund has been undertaking a phased transformation program to implement a redefined strategy and mandate.
This includes expanding the management, investment and middle and back office teams, enhancing the governance structures, engaging with the diverse portfolio and implementing the investment strategy, which is closely aligned with Vision 2030. A new board has been appointed, chaired by Prince Mohammed bin Salman.

Treasures of Saudi Arabia’s National Museum visit Riyadh Park Mall

Updated 4 min 4 sec ago

Treasures of Saudi Arabia’s National Museum visit Riyadh Park Mall

  • The public were educated about the history of the artifacts from the museum

RIYADH: The National Museum organized a social experiment in one of Riyadh’s malls to celebrate International Museum Day.

It introduced artifacts to the public in Riyadh Park Mall through people dressed in costumes inspired by the museum’s treasures.

They interacted with the audience, taught them about the history behind each artifact, and handed out free tickets to the museum, which organized the activity to raise its profile and allow free access to its exhibits.

This year’s celebration was titled “Museums as cultural centers: The future of traditions.” It aims to improve the relationship between society and modern museums, and to note their contributions to culture, knowledge and science.

Recently, the Saudi Commission for Tourism and National Heritage (SCTH) granted five new licenses to the private museums in Riyadh, which will take the total number of museums in the region’s towns, cities and governorates to 50.

Two of the new museums approved by the commission, Riwaq Al-Turath Museum in Riyadh and Moudi Al-Asimi Museum in Al-Dawadmi governorate, are owned by women.

Other licenses go to the Majid Heritage Museum in Rawdat Sadir, the Khalid Al-Radian Heritage Museum in Riyadh, and the Qararah Museum in Al-Dawadmi.

The International Museum Day is observed every year on May 18 in coordination with the International Council of Museums (ICoM) to highlight a specific theme.

The annual celebrations were first initiated in 1977, when ICoM decided to devote a special day for museums in an attempt to enhance the relationship between museums and society.