The Saudi Arabia’s Ministry of Investment (MISA) and the General Authority for Military Industries (GAMI) have signed a memorandum of understanding (MoU) with a leading Italian company in the defense sector, Elettronica.
The memorandum aims to increase collaboration in areas related to investment in the Saudi defense sector, building the Kingdom’s capabilities, and positioning it as a key player in the defense industry’s global value chain.
Attending the signing ceremony was the Minister of Investment Eng. Khalid A. Al-Falih and Deputy Governor of the General Authority for Military Industries for Localization Mohammad Alathel.
The memorandum further supports the Kingdom’s ambitious goals of increasing foreign direct investment’s (FDI) contribution to the Kingdom’s GDP to 5.7 percent, and the private sector’s contribution to GDP to 65 percent, and Saudi Arabia’s target to localize 50 percent of military equipment spending by 2030.
MISA signed the agreement at the Ambrosetti Forum, an annual international economic conference held at Villa d’Este, which was hosted by the Italian city of Como from September 6-7-8, and attended by many countries and a group of major international companies.
MISA participated in several dialogue sessions discussing investment opportunities in the Kingdom, introducing the ministry’s services in support of investors and investments, and highlighting the Kingdom’s enablers and incentives offered to local and international investors.
