Saudi Arabia launched Saudi Arabian Military Industries (SAMI) to manufacture equipment and provide services for air and land systems, weapons and missiles, and defense electronics. The Public Investment Fund announced the company’s creation, which will play a significant part in the Kingdom’s efforts to localize 50 percent of military spending and to diversify the economy. H.R.H. Deputy Crown Prince Mohammed bin Salman stated that SAMI will partner with international defense firms and lead to a rise in exports. SAMI is projected to create over 40,000 jobs while contributing $3.7 billion to Saudi Arabia’s GDP by 2030.
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