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Federation of Saudi Chambers discusses investment opportunities with French companies in security and defense

Riyadh– Federation of Saudi Chambers hosted yesterday a delegation of 18 French companies specialized in security and defense-related fields to discuss prospects for cooperation, partnership, and investment with the Saudi business sector.

Chairman of the Saudi-French Business Council, Dr. Mohammed bin Laden, praised the partnership approach between the Council and "Business France”, the national agency supporting the international development of the French economy, to accelerate and boost the Saudi-French bilateral economic and trade relations, explaining that since the announcement of the Saudi Vision 2030, the Kingdom is witnessing a major shift at all levels, and today it has become a land of investment opportunities, encouraging the French side to take advantage of those opportunities and participate in the ambitious vision projects.

Meanwhile, the Deputy Governor of Military Acquisition at the General Authority for Military Industries, Mohammed Al-Athel, said: “The authority seeks, within its strategy, to localize 50% of the Kingdom’s spending on military equipment and services,” adding that the authority, which was established in 2017, is mandated with empowering the defense industries sector and making it an important tributary for the national economy, providing job opportunities for Saudi youth, and an engine for non-oil revenues.

For his part, the CEO of the Saudi Military Industries Company, Engineer Walid Abukhaled, explained that the company succeeded in entering the list of the largest 100 companies specializing in defense industries, expecting it to become among the best 25 companies by 2030 and that it is concerned with developing, supporting and enhancing the military industries in the Kingdom and enhancing its self-sufficiency and plays a key role in supporting the localization of 50% of its military spending, among the most prominent goals of the Kingdom's Vision 2030.

The head of the French delegation, Commercial Counselor at the French Embassy in the Kingdom, Rachid Boulaouine, reiterated that the visit of the French trade mission to the Kingdom aims to discuss the participation of French companies' expertise in the projects and opportunities of the Kingdom's Vision 2030 and the localization of industries in the military and defense industries sector.

Source: Saudi Press Agency