The number of companies licensed by Saudi Arabia’s General Authority for Military Industries (GAMI) increased by 41 percent and reached 99 by the end of H1 2021.
According to a report by the Saudi Military Industries Highlights, local companies made up 85 percent of the total number of companies receiving GAMI licenses.
The remaining 15 percent of GAMI licenses were awarded to mixed ownership and fully foreign companies.
Meanwhile, 60 percent of the new companies receiving licenses were those operating in the field of military manufacturing, followed by military services (24 percent) and trading of military articles and services (16 percent).
The report highlighted the success of the strategy aiming at easing investments. This strategy has started to yield results as local and international investors are becoming more aware of the enormous opportunities that the Kingdom’s military industries sector offers.
Saudi Arabia’s strategic geographical location at the heart of three continents and its status as a global economic powerhouse make the Kingdom an ideal hub for the defense industry investments, the report added.
