RIYADH: The Saudi Arabian Military Industries has made it to the list of the 100 largest defense companies for the year 2022, according to Defense News rating.
SAMI, ranked 98, has seen a massive 2,898 percent jump in revenue in 2021, compared to a year earlier.
The state-owned firm’s revenue jumped from roughly $20 million in 2020 to $605 million in 2021.
The increase in revenue and the company’s global ranking follow its acquisition of the Advanced Electronics Co. in December 2020.
In line with Vision 2030, the Saudi government has been consolidating companies within SAMI to achieve a 50 percent technology transfer target.
SAMI has also attributed its growth to its weapons and missiles business, its emerging technologies division, in addition to its joint ventures including Saudi Aircraft Accessories and Components Co., Navantia and Thales.
Data for the Top 100 list comes from information solicited from companies, their annual reports, analysts and from research by Defense News.