Under the patronage of the Custodian of the Two Holy Mosques, King Salman bin Abdulaziz, and on behalf of Crown Prince and Prime Minister Mohammed bin Salman, Minister of Defense Prince Khalid bin Salman opened the "World Defense Exhibition 2024" on Sunday in Riyadh. The event was attended by defense ministers and senior officials from participating countries.
The Governor of the General Authority for Military Industries, Ahmed Al-Ohali, emphasized the government's unlimited support for the sector to enhance the Kingdom's strategic independence and pursue the localization of the national military industries sector to achieve the objectives of the vision. He stated that this support significantly drives the advancement of the defense and security industry sector towards supporting the localization efforts in accordance with the "Saudi Vision 2030," which called for the localization of 50% of government spending on military equipment and services.
Al-Ohali noted that the Kingdom is beginning to reap the benefits of this support, as the localization rate increased from 4% to 13.6% by the end of 2022. Additionally, the number of foundational permits and licenses reached 477 for 265 companies operating in the military industries sector, alongside the launch of over 74 investment opportunities to localize supply chains. He highlighted that "the sector's contribution to the gross domestic product is expected to reach about 93.75 billion Riyals ($25 billion) by 2030," with a total of 40,000 direct job opportunities and 60,000 indirect job opportunities anticipated for that year.
He stressed the importance of the exhibition as a global platform for experts, manufacturers, and decision-makers in the defense and security industry, confirming that "the second edition of this leading global event in the Kingdom's defense and security industry extends the successes and achievements witnessed in the first edition."
He explained that "the exhibition will serve as a strategic tool supporting the country's efforts to achieve localization objectives, as it will provide an ideal environment for communication and interaction among attendees, aimed at enhancing international partnerships in the defense and security industries, thereby achieving the vision of our beloved Kingdom by supporting technology transfer and developing capabilities."
During the opening of the second edition of the exhibition, the Saudi Minister of Defense, defense ministers, and senior officials from various countries observed aerial displays and fixed-wing aircraft. Following this, Prince Khalid bin Salman toured the exhibition venues, which witnessed participation from over 773 exhibiting entities representing more than 75 countries, in addition to the presence of various government agencies and major local and international companies in the defense and security sector, as well as other sectors related to military and defense industries.
The exhibition, organized by the General Authority for Military Industries, is set to run from February 4 to 8 of this year. The sponsorship of the exhibition reflects the government's commitment to organizing a global event that ranks among the best specialized fairs in the defense and security industry worldwide, and affirms the Kingdom's position as a global hub for organizing exhibitions in all fields, particularly in military industries.
