SCBC Team – Riyadh
The Public Authority for Military Industries granted licenses to 54 local and international companies by the end of the third quarter of 2020 AD, indicating that the number of these companies’ licenses has reached 70 licenses that will enable them to carry out several different activities in the military industries sector in the Kingdom.
The licenses granted to the companies included 6 different activities in the sector that fall under the fields of military industrialization, the provision of military services, and the areas of supplying products or military services, according to what was stated in the Quarterly Investment Update Report issued by the Ministry of Investment.
In this context, Eng. Ahmed Al-Ohali, Governor of the General Authority for Military Industries, affirmed that the Kingdom is today a promising international investment destination in the defense industries sector, explaining that the authority supports any local or international investor as long as he will be a partner to it in the process of localization, employment, and technology transfer. Pointing out that the investment environment in the military industries sector at the present time has become an attractive and fertile environment for international investors.