On behalf of Defense Minister Prince Salman, Deputy Defense Minister Prince Khaled bin Sultan yesterday inaugurated the new premises of the Middle East Aircraft Engines Co. at King Khaled International Airport in Riyadh.
Prince Khaled expressed satisfaction over the performance of Saudi companies and said the Kingdom has begun to harvest fruits of the Economic Offset Program (EOP) launched by the late Prince Sultan, former defense minister.
The Middle East Aircraft Engines Co. specializes in repairing and overhauling military aircraft engines such as F-15 fighters. About 86 percent of the company’s employees are Saudi.
Investment in advanced technology and military industries has become the most important source of national income in many countries to meet their domestic needs in the fields of armament and development, he said.
Prince Khaled said the EOP has created an industrial base, particularly in the field of defense industries and military and civilian aviation in addition to the development of Saudi cadres in this field.
In its drive to diversify sources of national income and expand the industrial base, the Saudi government is fully aware of the importance of creating an advanced industrial base in various industries, particularly defense industries and military and civilian aviation sector, he said, adding the EOP has become a major source of economic development.
Minister of Economy and Planning Dr. Muhammed Al-Jasser said the EOP has boosted the self-reliance of the armed forces, upgraded systems and reduced the cost of government contracts thanks to the EOP program.
The EOP has also created more than 8,000 new jobs that ensured high income for Saudi citizens who are occupying nearly 60 percent of jobs and contributed to the establishment of 41 joint ventures.
The EOP has also supported research works at King Abdulaziz City for Science and Technology (KACST), Saudi universities and research centers, and transfer and nationalization of technology in vital areas, he pointed out.
Prince Khaled says Kingdom benefiting from offset program
