Saudi Arabia plans wants to channel 50 per cent of its military spending to Saudi companies by 2030. — Reuters pic
RIYADH, March 6 — Saudi Arabian Military Industries plans to produce a Saudi-made drone and to establish one of the world’s biggest munitions factory, the kingdom’s state TV al-Ekhbariya reported on Sunday citing chief executive Walid Abukhaled.
Saudi Arabia plans wants to channel 50 per cent of its military spending to Saudi companies by 2030, he said, according to the TV channel.
Sami, as the company is known, is owned by the Saudi sovereign Public Investment Fund (PIF). — Reuters