Dubai, United Arab Emirates (CNN) – The Kingdom of Saudi Arabia announced on Saturday that it will invest more than $ 20 billion in the military industries sector over the next decade, as part of its plan to boost domestic military spending.
The governor of the General Authority for Military Industries in Saudi Arabia, Ahmed bin Abdulaziz Al-Ohali, said during the international defense conference held in Abu Dhabi that his country is seeking to develop and manufacture more weapons and military systems locally, according to the official Saudi TV channel.
Al-Ohali added that Saudi Arabia will allocate about 50% of its military budget to implement this plan until 2030.
Al-Ohali explained that the Kingdom has allocated more than $ 10 billion to be invested in the military industries, in addition to an equal amount that will be spent on research and development.
A report by the Stockholm International Peace Research Institute (SIPRI), in April 2019, made it clear that Saudi Arabia ranked fifth in terms of global military spending.
The work of the International Defense Conference 2021 began in Abu Dhabi, on Saturday, with wide participation from 80 countries, according to the official Emirates News Agency (WAM).
The conference will be accompanied by the “IDEX” and “NAVDEX” exhibitions 2021, which are scheduled to take place from February 21 to 25, at the Abu Dhabi National Exhibition Center.