Saudi Arabia said on Sunday it had begun accepting license applications for firms in the military industrial sector, a major target under plans to diversify the kingdom’s economy away from oil exports.
The General Authority for Military Industries (GAMI) will license companies to manufacture firearms, ammunition, military explosives, military equipment, individual military equipment, and military electronics, state news agency SPA reported.
GAMI Governor Ahmed al-Ohali said the move would open the door for foreign and local investment in the sector.
