The Saudi defence sector is poised for solid growth over the next six years and is projected to contribute SAR93.75 billion ($25 billion) to the kingdom's GDP by 2030, reported SPA, citing senior officials at The World Defence Show 2024 which kicked off yesterday (February 4) in capital Riyadh.

 

A major event for the sector, The World Defence Show 2024 has attracted significant participation from over 773 exhibitors across 75 countries. 

 

Scheduled to run until February 8, it serves as a vital platform for industry experts, manufacturers, and decision-makers to connect and shape the future of defence and security.

 

It was inaugurated by Prince Khalid bin Salman bin Abdulaziz, the Minister of Defense and Vice Chairman of the Board of Directors of the General Authority for Military Industries (GAMI).

 

Following the opening, he toured the exhibition, which featured the participation of over 773 exhibitors representing more than 75 countries, alongside numerous government entities and leading local and international companies in the defense and security sector.

 

The second edition of the event, being organized by GAMI, showcases the Kingdom's commitment to becoming a global hub for the defense industry.

 

Government entities and leading local and international defence and security companies have actively joined the event, highlighting the growing importance of the sector in the region, said the event organisers.

 

During the inauguration, Prince Khalid, ministers of defense, and senior officials checked on the air shows and static aircraft displays.

 

The Governor of GAMI Ahmad Abdulaziz Al Ohali, said this royal endorsement of the exhibition underscores the Saudi leadership's dedication to hosting a world-class event that ranks among the top defence and security exhibitions globally. 

 

It also affirms Saudi Arabia's ambition to become a global hub for organizing exhibitions across all fields.

 

"This support enhances the Kingdom's strategic independence and backs the ambitious goals of Vision 2030, which aims to localize 50% of defence expenditure," stated Al Ohali.

 

According to him, the kingdom has started to reap the benefits of this support, with localization rates increasing from 4% to 13.6% at the end of 2022.

 

"Moreover, 477 foundational permits and licenses have been issued for 265 companies operating in the defense industries sector and over 74 investment opportunities have been provided for supply chain localisation," he added.