State-owned Saudi Arabian Military Industries (SAMI) aims to generate annual revenue of $5 billion by 2030, its chief executive said on Monday, part of a drive to build more defence equipment inside the kingdom.
Saudi Arabia, one of the world’s largest buyers of foreign arms which has been embroiled in conflict in Yemen for six years, set up SAMI in 2017 to cut its reliance on imported weapons and military systems.
The government aims to spend 50% of its military budget by 2030 on equipment made at home.
Chief Executive Walid Abukhaled told Reuters at Abu Dhabi’s Idex defence exhibition that SAMI aimed to be among the world’s top 25 defence firms by 2030. “Being in the top 25 companies by 2030, you’re looking at $5 billion a year” in revenue, he said.
Abukhaled, who did not give a figure for current revenues, took over as CEO in April.