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The Saudi Ministry of Investment and General Authority for Military Industries (GAMI) signed a Memorandum of Understanding (MoU) with Italy’s leading defense company, Elettronica aimed at strengthening cooperation in military industry investments in the Kingdom.
The signing ceremony was attended by Saudi Minister of Investment Khalid Al-Falih and Mohammed Al-Athel, Deputy Governor for Localization at GAMI.
The MoU will explore a range of investment opportunities within the sector, aligning with the Kingdom’s ambitious goals. These include increasing foreign direct investment (FDI) to 5.7% of GDP and boosting the private sector’s contribution to 65% of GDP.
Additionally, it supports Saudi Arabia’s objective to localize 50% of military spending by 2030.
The MoU was signed during the Ministry of Investment’s participation in the 2024 Ambrosetti European House Forum, held in Como, Italy, which brought together government representatives and major global corporations.
At the forum, the ministry engaged in various panel discussions, showcasing the Kingdom’s strategic investment opportunities and the ministry’s support services for investors, highlighting the competitive advantages Saudi Arabia offers to both domestic and international investors.
