Al-Ohali: There are no restrictions on the foreign investor in the military industries

Eng. Ahmed Al-Ohali, Governor of the Public Authority for Military Industries, said that the authority has put in place regulatory frameworks for investment in the sector so that they do not include any restrictions on the foreign investor as long as he will be a partner of the authority in the process of resettlement, employment and technology transfer, indicating that the investment environment in the sector at the present time has become attractive and fertile to investors. International. In his opening speech to the Investment Update Report for the third quarter of 2020, Al-Ohali explained that Saudi Arabia is considered one of the most important countries with strategic dimensions at the global level, both economically and geographically, indicating that in light of what the world is witnessing today, considerations related to strengthening defense and security capabilities have increased. He stressed work to enhance the capabilities of national military industrialization, and localize this sector to be an important tributary and a major contributor to supporting the prosperity of the Saudi economy, and enhancing its strategic and security independence, stressing that the sector enjoys unlimited support by the government to enable it to perform its tasks and duties as required. He called on all local and international investors to contribute in this regard, and to benefit from the Kingdom’s economic strength by being at the core of international supply chains, especially through its strategic geographical location, pointing out that this makes it the ideal destination for investment in this sector in particular and the rest of the other industrial sectors in general. Al-Ohali said that the authority pays great attention to the participation of small and medium-sized companies, noting the support of Crown Prince Mohammed bin Salman, Deputy Prime Minister and Chairman of the Board of Directors of the Public Authority for Military Industries to embody the national ambition towards settling this promising sector and strengthening its strategic independence.

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