RIYADH: Saudi Arabia’s General Authority for Military Industries will showcase the nation’s military and security capabilities, and related investment opportunities, during the International Defense Industry Fair 2023 in Turkiye this month, the Saudi Press Agency reported on Thursday.
The authority, the Kingdom’s defense regulator, will join government agencies, national institutions, and businesses operating in the military, defense and security industries, in the Saudi pavilion at the event, which runs from July 25 to 28 at the Tuyap Fair Convention and Congress Center in Istanbul.
The authority said its aims at the fair include highlighting high-quality investment opportunities in the sector and encouraging international cooperation with major regional and global companies, and enabling Saudi companies in the defense and security industries to forge strategic partnerships. It will also promote local capabilities and advanced technologies capable of meeting the global needs of forces around the world.
Its participation at the fair reflects the support of the Kingdom’s leadership for the military and security industries sector and their desire to boost the country’s strategic independence, develop its national military-industrial capabilities, and localize the vital sector, with a target of ensuring more than 50 percent of military expenditure on equipment and services is domestic by 2030, the authority said.
These initiatives are intended to position the sector as an essential contributor to the Kingdom’s economy, by supporting local investors, attracting investments, encouraging the transfer and localization of technology, and providing employment opportunities for Saudis, officials said.
Other organizations and businesses represented in the Saudi pavilion at the fair will include Saudi Arabian Military Industries, the National Company for Mechanical Systems, the Saudi Chemical Company, Intra Defense Technologies, ERAF Industrial Company, and the World Defense Show.
