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.


Sunsilk’s Color Run returns to Riyadh

‘The Happiest 5k on the Planet’ is set to turn Riyadh colorful on Oct. 26. (Photos/Supplied)
Updated 16 October 2019

Sunsilk’s Color Run returns to Riyadh

  • The General Entertainment Authority is bringing The Color Run back to the Kingdom following the success of the Alkhobar event

RIYADH: The Color Run presented by Sunsilk is returning to Saudi Arabia! The countdown to “The Happiest 5k on the Planet” is on, with The Color Run bursting onto the streets of Riyadh on Oct. 26.
The event is part of the GEA’s efforts to attract top entertainment to Saudi Arabia. The Color Run — now the largest running series in the world — will be making its vibrant return to the Kingdom’s two biggest cities, with over 15,000 expected to participate in each location.
The Riyadh event follows the Kingdom’s extremely popular inaugural Color Run, which took place in Alkhobar in March and saw over 10,000 people run, jog, walk and skip their way along the 5 km course.
To date, The Color Run has been hosted in more than 40 countries with over 7 million runners participating in the event. It is untimed and sees thousands of participants covered from head to toe in an array of different colors throughout the course before collecting their medals at the finish line. The only rule is that those taking part must cross the finish line covered in color and have fun while doing it!
The non-competitive run is not only an opportunity to create perfect memories — and Instagram posts — but also serves as a celebration of health, happiness and individuality. The GEA, a core pillar under the Saudi government, is supporting the event as part of its continued efforts to enrich the lifestyle of residents as part of the Kingdom’s Vision 2030 reform plans and in line with the nation’s Quality of Life Program 2020.
The first of the upcoming events will be hosted as part of Riyadh Season, considered to be the biggest entertainment event in the capital city, with activities catering to sports, music, theater, fashion and much more.
Ahmed Al-Mehmadi, executive director of communications at the GEA said: “We are thrilled to be bringing The Color Run presented by Sunsilk to Riyadh. We witnessed an incredible turnout in Alkhobar and we have every confidence this event will attract even more people who want to engage in a healthy activity that combines fun and exercise. Its vibrancy matches the aims of the GEA and the Quality of Life Program 2020 objectives to support and create new options that boost participation across cultural, entertainment and sports activities.”
Kristen Biegler, spokesperson for The Color Run said: “Since its inception in 2012, The Color Run has had become a global phenomenon, and we are very excited to be returning to Saudi Arabia. The response in Alkhobar was truly amazing and we are extremely excited to bring ‘The Happiest 5k on the Planet’ to Riyadh. Our top rule is that everyone has fun — it is up to you whether you run, jog, walk or even skip your way to the finish line.”
Once the 5 km is over, the fun will continue at the Finish Festival, a larger-than-life celebration equipped with music, dance-offs, fun and games and massive color throws, which create millions of vivid color combinations!