Zaka Mohsin, Riyadh,
The head of Saudi Military General Authority for Industries said government has drawn up a plan to spend $10 billion on the defense industry over next decade. The same amount will be spent on research and development projects.
He said Saudi Arabia wants to increase spending on military research and development from 0.2% to 4% by 2030, as well as increase military spending.
It also aims to increase military spending. The project aims to promote investment in local industries in the military and security sectors and create more employment opportunities for educated locals.
Also, under this vision, up to half of military equipment will be manufactured in country within the next decade.
This will save on foreign exchange raised on their imports.